FieryTrading

πŸ”₯ ADA Reversal From Indicated Support Area

BINANCE:ADAUSDT   Cardano / TetherUS
Few days ago I made an analysis on ADA. In this analysis I talked about the potential moves for ADA in the near future.


One of the moves I talked was a reversal from the top of the consolidation channel, which has now occurred.
A big reason for this strong bounce is the oversold RSI on the daily chart . Every time over the last months that the daily RSI dipped below 30, a strong bounce followed.

However, I'm not 100% convinced on the bullish direction yet. If we can close a daily candle above the $1.83 area (dotted line), I'm switching bullish .

Happy trading!

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