Positive market sentiment for ADA continues since the start of this year. During the previous week the coin was moving within a range of $0.36 up to $0.41, still testing the $0.40 resistance line. Although the daily trading volumes have decreased, on a positive side is that the buying orders are prevailing.
Although ADA made short moves during the week, RSI reached level of 67, moving closer to the overbought side of the market. Another positive development on the charts is that the MA50 line started its stronger divergence toward the MA200 counterpart, indicating on possibility for the Golden cross to occur in the coming period. There is still space between lines which needs to be crossed, but at least the moves are in a positive direction.
The $0.40 support line continues to be the current major focus of ADA. The coin will start the week ahead by testing this level to the upside. In case that it is clearly breached, then the next short term stop might be around level of $0.43, on the road toward the $0.45 resistance line. On the opposite side, there is a possibility for a short reversal, where the first stop might be level of $0.37.
Although ADA made short moves during the week, RSI reached level of 67, moving closer to the overbought side of the market. Another positive development on the charts is that the MA50 line started its stronger divergence toward the MA200 counterpart, indicating on possibility for the Golden cross to occur in the coming period. There is still space between lines which needs to be crossed, but at least the moves are in a positive direction.
The $0.40 support line continues to be the current major focus of ADA. The coin will start the week ahead by testing this level to the upside. In case that it is clearly breached, then the next short term stop might be around level of $0.43, on the road toward the $0.45 resistance line. On the opposite side, there is a possibility for a short reversal, where the first stop might be level of $0.37.
