Finally one good week for ADA, after the last two months of struggling with the down trend. Although it looked like that coin managed to start a reversal, still a road toward an overbought market continues to be on hold. Regardless of indicators, ADA managed to recover some of the previous losses, adding $3B to its market cap and moving the price from $0.45 up to $0.55 resistance. Highest level reached during the week was $0.68 on one occasion.
During the week, RSI was pushed modestly above the 50 level, but as of the weekend it returned back below the 50 line. It shows that the market still does not have strength to head the price toward the overbought territory. Moving averages of 50 and 200 days continue to move as two parallel lines, not providing indications regarding next potential price moves.
Last week showed that there is market interest for ADA, as the price was pushed to the levels modestly below the $0.70 resistance line. There is some probability that this line might be tested once again in the coming week. However, in case of negative market sentiment in a week to come, there is equal probability that ADA might revert shortly back down to the level of $0.50 support line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
During the week, RSI was pushed modestly above the 50 level, but as of the weekend it returned back below the 50 line. It shows that the market still does not have strength to head the price toward the overbought territory. Moving averages of 50 and 200 days continue to move as two parallel lines, not providing indications regarding next potential price moves.
Last week showed that there is market interest for ADA, as the price was pushed to the levels modestly below the $0.70 resistance line. There is some probability that this line might be tested once again in the coming week. However, in case of negative market sentiment in a week to come, there is equal probability that ADA might revert shortly back down to the level of $0.50 support line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
