ADA price finally managed to break through the $2.3 to $2.4 zone and reach $2.5. At some point, ADA even surpassed the $2.5 and the SMA100 and touched $2.6 but had to go for a price correction. During the correction, ADA price had to back down to $2.4 but found support yet again. Currently, the price is at $2.45.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA is still consolidating between $2.2 and $2.8. Yesterday, ADA managed to surpass this point after ranging between $2.3 to $2.4 and by surpassing the SMA100 reach $2.6. However, the price failed to stabilize and had to correct today.
As of now, ADA is inside a triangle pattern with bottom part at $2.45 to $2.4 range and the top part at $2.5.
In case ADA price successfully surpassed $2.5 and escape from the top, we can expect further bullish trend. For that scenario, the $2.4 and then $2.7 are the first resistance levels to follow. Following that, the $2.75 to $2.8 zone are the next ones.
On the other hand, if ADA fails to escape through the top and lose the $2.45 support, further decline will follow.
For the bearish scenario, the $2.4 and then $2.3 near the bottom are the crucial support levels for ADA. Further decline can bring the price down to $2.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is regaining upward momentum.
RSI: the 1-hour relative strength index is approximately 5.
Resistance levels: the first support level will be $2.5 Then the $2.6 to $2.7 zone will be next. Following that, the $2.8 will be followed.
Support levels: the first support for ADA is around $2.46 to $2.4 zone. Then the $2.3 to $2.20 will be the next down the line. The important support however will be at $2.
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