Hello All. Looking at ADA on the daily chart, we can see that we have reached the bottom of the descending channel at around $1.3 which currently plays as support.
Strong VPVR level of support sits right around $1.20 which makes me believe that it is a strong level where ADA can find support in case the price drops further.
The rectangle highlights the major area of support from $1 to $1.25. In case we go there, I believe lot of people will just buy more.
A bounce from the current line and to the top resistance line of the descending channel ($1.95) can bring 50% profit.
Resistance sits at around $1.5, the daily fib golden pocket and the daily long ascending line of resistance.
Bullish signs to look for: close above 20 EMA on 4HR, remain inside the descending channel, RSI to be oversold.
Thanks for reading, and stay tuned. Enjoy.
Strong VPVR level of support sits right around $1.20 which makes me believe that it is a strong level where ADA can find support in case the price drops further.
The rectangle highlights the major area of support from $1 to $1.25. In case we go there, I believe lot of people will just buy more.
A bounce from the current line and to the top resistance line of the descending channel ($1.95) can bring 50% profit.
Resistance sits at around $1.5, the daily fib golden pocket and the daily long ascending line of resistance.
Bullish signs to look for: close above 20 EMA on 4HR, remain inside the descending channel, RSI to be oversold.
Thanks for reading, and stay tuned. Enjoy.