After reaching the historically lowest level, ADA started a short reversal to the upside. Previous week the coin started modestly above $0.5 and headed toward the $0.6 resistance line, which has been tested. However, during the week there has not been enough market strength to push the price above this level, so ADA reverted back once again, ending the week modestly above the $0.5 support line.
RSI made a quite modest move away from the oversold zone, but only up to the level of 37. This implies a question if the market is still ready for a push of price to the upside? At the same time MA50 and MA200 took the downside road, with MA50 moving away from its counterpart.
At this moment ADA is on a sort of cross road. Charts are showing equal probability for the $0.40 support line to be tested one more time. At the same time, there is also probability for ADA to make a move toward $0.60 resistance, with decreased probability that this line might be breached to the upside.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
RSI made a quite modest move away from the oversold zone, but only up to the level of 37. This implies a question if the market is still ready for a push of price to the upside? At the same time MA50 and MA200 took the downside road, with MA50 moving away from its counterpart.
At this moment ADA is on a sort of cross road. Charts are showing equal probability for the $0.40 support line to be tested one more time. At the same time, there is also probability for ADA to make a move toward $0.60 resistance, with decreased probability that this line might be breached to the upside.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
