Regardless of general market sentiment, it might be noted that this was the second good week in the row for ADA. Market showed that there is potential for this coin, as price moves were more oriented toward upside, rather than to the downside. During the first half of the week, the price of ADA was moving toward the $0.7 resistance line, however, US CPI spoiled the game, so the coin reverted a bit to the downside, finishing the week slightly below the $0.6 support line, around $0.55. Support line at $0.50 has not been reached during the previous week.
During the week RSI went from level of 55 down to level of 45. Indicator shows that there is potential for the coin to head toward an overbought market, but it just needs more time. Moving averages of 50 and 200 days are continuing to move as two parallel lines but with downtrend.
Charts are showing that there is potential for ADA`s recovery, but it might be a slow and smooth path in the coming period. The highest threat to this lies on fundamentals. Resistance line at $0.70 has not been clearly tested during the previous week, which increases the probability that the market will turn to this level one more time. On the other hand, if the coin continues to move as per current trend, then $0.50 support is to be tested.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
During the week RSI went from level of 55 down to level of 45. Indicator shows that there is potential for the coin to head toward an overbought market, but it just needs more time. Moving averages of 50 and 200 days are continuing to move as two parallel lines but with downtrend.
Charts are showing that there is potential for ADA`s recovery, but it might be a slow and smooth path in the coming period. The highest threat to this lies on fundamentals. Resistance line at $0.70 has not been clearly tested during the previous week, which increases the probability that the market will turn to this level one more time. On the other hand, if the coin continues to move as per current trend, then $0.50 support is to be tested.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
