ADA Price came down to $2.07 on Tuesday. At that level, it found support and bounced back upward. Once again, by reaching $2.15 the uptrend had to halt and back down to $2.07 yesterday. As expected, ADA had another support at this level and formed a double bottom pattern for another bull run. ADA price managed to surpass the downtrend at $2.14 to $2.15 and reach $2.20 today. At this level, the price faced the downward trendline and stopped. As of now, ADA is around $2.17.
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ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA going down to $2.07 a few days back. At that level, it found support and yesterday formed a double bottom pattern for a bull run. During that, the price surpassed the downward trendline at $2.14 and gained momentum in order to reach $2.20 today.
Today, ADA had to stop the bull run and go for a price correction. At this point, it dipped as low as the SMA100.
In case of providing support for the price, we can expect ADA to turn green once again. For the bullish scenario, the $2.19 to $2.20 is the first resistance level followed by the $2.22 to $2.23 zone. The $2.25, $2.28 and $2.30 are the next resistance levels to come.
On the other hand, if ADA fails to surpass the $2.29 to $2.20 and lose the $2.27 support near the SMA100, there will be further price correction. For this scenario, the $2.15 to $2.14 zone and then the $2.12 to $2.10 zone are the next support levels to come.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is on a weak upward movement.
RSI: the 1-hour relative strength index is approximately 57 and is going down.
Resistance levels: the first support level will be $2.20. Then the $2.2 and $2.25 will be next. Following that, the $2.30 will follow.
Support levels: the first support for ADA is around $2.17. Then the $2.12 to $2.10 zone will be the next down the line. Then the $2.05 will follow.
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