Key Support levels: $1.3
Key Resistance level: $1.5
ADA did not look back after breaking the descending triangle (in blue) and appears ready for more gains. It has reversed the downtrend with a strong momentum upwards which has taken the price over $1.3. If ADA can turn this level into support, then the next target sits at $1.5, which will act as resistance.
Technical indicators
Trade volume: The volume was loud during the breakout and remains high. The bigger question now is whether ADA can hold above $ 1.3.
RSI: The RSI is climbing fast and made a higher high on the daily timeframe. The RSI currently sits at 48 points, if it can get above 50 and stay there, then the bulls will be in control of the price.
MACD: The MACD over the daily period increases and increases. It’s very bullish and there is no sign of weakness on this latest rally. The histogram and moving averages are also reaching higher highs.
Bias
The current bias is bullish.
Short-term prediction for the ADA price
The biggest challenge for ADA right now is turning the key $ 1.3 level into support and confirming it with retest. Once this is completed, ADA may charge for resistance of $ 1.5, which requires a 10% price increase at the time of this article.
