-ADA reaches ATH of $2.45 the last week
-Price has formed a falling wedge pattern
-ADA currently is being held up by the 50 MA
Cardano has had an amazing run the last year as it is up over 100x since its bottom in March. Cardano has been trading within an ascending channel the last few weeks and is superiorly strong.
Strong support for ADA comes in around $1.92. At the time of writing, Cardano has bounced off this level strongly and is attempting to break its major resistance level of $2.08. If ADA fails to break and hold $2.08 it may be on its way to another leg down to the 50MA which has half the price up for a few weeks. If this level fails to hold, expect a larger retracement to $1.80 for ADA.
Cardano has formed a bullish falling wedge the last few days as the cryptocurrency markets fell over 15%. ADA must break above its top trend of the wedge to be considered bullish again. Major resistance of $2.08 must hold for ADA to continue up-trending. The price looks to stay within the ascending channel for more time as it has respected both trends for almost 3 weeks now.
While looking at the Stochastic RSI we can conclude a bullish bounce for ADA is soon to come. Strength has been lying in the oversold region for 2 days and has formed a bullish curved bottom. The regular RSI also confirms this standpoint as an evident bullish divergence has formed.
ADA intraday levels
Spot rate: $2.04
Trend: Bullish
Volatility: High
Support: $1.92
Resistance: $2.08
-Price has formed a falling wedge pattern
-ADA currently is being held up by the 50 MA
Cardano has had an amazing run the last year as it is up over 100x since its bottom in March. Cardano has been trading within an ascending channel the last few weeks and is superiorly strong.
Strong support for ADA comes in around $1.92. At the time of writing, Cardano has bounced off this level strongly and is attempting to break its major resistance level of $2.08. If ADA fails to break and hold $2.08 it may be on its way to another leg down to the 50MA which has half the price up for a few weeks. If this level fails to hold, expect a larger retracement to $1.80 for ADA.
Cardano has formed a bullish falling wedge the last few days as the cryptocurrency markets fell over 15%. ADA must break above its top trend of the wedge to be considered bullish again. Major resistance of $2.08 must hold for ADA to continue up-trending. The price looks to stay within the ascending channel for more time as it has respected both trends for almost 3 weeks now.
While looking at the Stochastic RSI we can conclude a bullish bounce for ADA is soon to come. Strength has been lying in the oversold region for 2 days and has formed a bullish curved bottom. The regular RSI also confirms this standpoint as an evident bullish divergence has formed.
ADA intraday levels
Spot rate: $2.04
Trend: Bullish
Volatility: High
Support: $1.92
Resistance: $2.08