ADA Price was inside an upward channel in September and it managed to reach $2.32 on October 2nd. At that point however, by touching the ceiling it faced resistance and had to back down. On October 3rd, ADA lost the upward channel by going below the $2.25 support level in the bottom. With that, the bear run gained momentum and ADA dipped below the $2.20 to $2.17 support zone. It reached as low as $2.15 but found support and managed to climb back up to $2.25. Once again, by reaching the downtrend it went for another price correction. As of now, the price is around $2.175.
Ada Price Action Analysis
Taking a look at the 1-hour chart, we see ADA was inside an upward channel. By losing the support at the bottom, it turned bearish and dipped all the way down to $2.175. The price even touched $2.15 but found good support from buyers. Yesterday, ADA Price had a bull run climbing all the way up to $2.25 but the uptrend had to halt. Today, with a price correction ADA fell down to $2.175.
Currently, the $2.175 is supporting the price and in case of success, we could expect another bull run. For that scenario, the $2.20 is the first resistance level for ADA. Following that, the $2.23 near the downward trendline and the SMA100 is the next resistance level. By breaking the downtrend, the $2.25 to $2.26 and $2.28 to $2.30 are the next resistance levels for the price.
On the other hand, if ADA fails to maintain the $2.175 support level, we can expect further decline. For the bearish scenario, the $2.15 to $2.14 zone is the first support level followed by $2.10, $2.3 and $2 coming next.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 38.
Resistance levels: the first support level will be $2.2. Then the $2.24 to $2.25 zone will be next. Following that, the $2.30 will follow.
Support levels: the first support for ADA is around $2.175. Then the $2.15 to $2.14 will be the next down the line. Then the $2.10 will follow.
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