ADA price failed to surpass the $1.98 to $2 zone yesterday and fell down to $1.94. At some point, it dipped to $1.92 but the upward trendline provided support for it. With that, ADA had a chance to start a new bull run today and reach $2. Once again, by touching the downtrend and the SMA100 it had to halt and go for a price correction. Currently, ADA is around $1.97.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA inside a triangle pattern. Yesterday, by touching the bottom part, it found the needed support to charge upwards. Today, it reached the top part at $2 and the SMA100 and had to pivot downward to approach the bottom part.
Currently, the $1.95 at the bottom is the primary support level for ADA. In case of providing solid support, we can expect ADA price to charge up for another try to break the ceiling. For this bullish scenario, the $1.98 and the $2 will be the resistance levels to beat. A successful breakthrough of these levels and escaping from the top part will bring the price closer to the $2.05 and $2.10.
On the other hand, if the $1.95 level fails to support ADA price, escaping through the bottom would bring further decline.
For the bearish scenario, we expect the $1.92, $1.90 and $1.88 to be the next support levels. Further decline can bring the price closer to the $1.8 level.
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 48 and is going down.
Resistance levels: the first support level will be $1.98. Then the $2 will be next. Following that, the $2.03 to $2.05 and then the $2.09 and $2.10 will follow.
Support levels: the first support for ADA is around $1.95. Then the $1.92 will be the next down the line. Then the $1.90 to $1.088 and finally the $1.80 will follow.
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