Investors are still reluctant to return to the market, which is one of the main reasons why the price of ADA is moving smoothly, but still not ready to give up on the higher grounds. Although ADA returned to test the $0.4 support line at the beginning of the previous week, still at the weekend the coin managed to make a strong push to the up side and return to the levels modestly below the $0.45 resistance line.
RSI started the week around level of 47, but soon market pushed the indicators to the level of 60, indicating that the market is still eyeing the overbought side. Moving averages of 50 and 200 days continue to move as two parallel lines with a clear down trend. The golden cross is still on hold for ADA.
Charts are currently showing a potential for ADA`s recovery in the coming period. It might be slow, considering lower trading volumes. On a positive side is also that the market showed a clear signal that it is currently eyeing the overbought side, rather than the opposite one. In this sense, it could be expected for ADA to continue to test the $0.45 resistance line in the coming period. Whether this level will be breached, would depend solely on the level of buying orders. On the opposite side, there is a probability for the $0.40 support line to be tested for one more time.
RSI started the week around level of 47, but soon market pushed the indicators to the level of 60, indicating that the market is still eyeing the overbought side. Moving averages of 50 and 200 days continue to move as two parallel lines with a clear down trend. The golden cross is still on hold for ADA.
Charts are currently showing a potential for ADA`s recovery in the coming period. It might be slow, considering lower trading volumes. On a positive side is also that the market showed a clear signal that it is currently eyeing the overbought side, rather than the opposite one. In this sense, it could be expected for ADA to continue to test the $0.45 resistance line in the coming period. Whether this level will be breached, would depend solely on the level of buying orders. On the opposite side, there is a probability for the $0.40 support line to be tested for one more time.
