As mentioned, ADA needed to cool off after its massive run-up last week and that wedge breakdown has dropped it back to into a demand zone. The 1160 support level has held so far but the volume isn't the best and until we see volume come in, we can't be confident that this demand zone will hold. Stronger zone to enter a long position would be the lower demand level around 1078, which was the breakout zone.
It could still make another reverse head and shoulders, or another double bottom on the 38.2 Fibonacci. But yeah, in any case let's hope the support holds.
CM_Trades
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@Butzibear, agreed. Will be posting charts today with updated analysis. Thanks for the comment.