ADAUSDT holding strong support level. Might see an uptrend soon.
ADA is trading at $1.3 right now and trying to move towards the immediate resistance of $1.45, which if broken is a good place to buy and hold some of it. For margin or future traders, it might as well be a good place to open your long positions with a tight SL of 3 to 5 percent.
If we see closely, the price is holding the support level at around $1.04 which is acting as a strong support level for a long time for ADA. The price tried to break this support level multiple times but was unable to do so. However, if this support breaks it might see a further downward price movement to $0.4
We can also see that if it trades between the strong support and immediate resistance level, this zone might act as an accumulation zone for an uptrend.
EMA9 has crossed up EMA26 and if we see some good volume in a few days, it might move towards the immediate resistance level to break it and move upwards. On the other hand, if the volume drops even further and the sellers keep on selling, it might visit the strong support level once again.
Do let us know what do you think about this analysis in the comment box below.
Always do your own research before opening a new trade, and use proper risk management to protect your capital in the event of extreme volatility.
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If we see closely, the price is holding the support level at around $1.04 which is acting as a strong support level for a long time for ADA. The price tried to break this support level multiple times but was unable to do so. However, if this support breaks it might see a further downward price movement to $0.4
We can also see that if it trades between the strong support and immediate resistance level, this zone might act as an accumulation zone for an uptrend.
EMA9 has crossed up EMA26 and if we see some good volume in a few days, it might move towards the immediate resistance level to break it and move upwards. On the other hand, if the volume drops even further and the sellers keep on selling, it might visit the strong support level once again.
Do let us know what do you think about this analysis in the comment box below.
Always do your own research before opening a new trade, and use proper risk management to protect your capital in the event of extreme volatility.
Follow us for more trading ideas and educational content
Happy Trading