Rising Wedge Forms — Potential Rejection on ADAPrice action is currently trading within a rising wedge pattern, a structure that is typically bearish and often precedes corrective moves.
The market is now testing key resistance, which aligns with both the 0.618 Fibonacci retracement and a lower-high structural barrier, forming a strong confluence zone where rejection is likely.
- Bearish Formation: The rising wedge suggests weakening bullish momentum.
- Resistance Confluence: The 0.618 Fibonacci and lower-high structure align at current resistance.
- Downside Target: A rejection from this zone opens the probability of a rotation toward $0.51 daily support.
From a technical standpoint, this setup indicates that upward momentum is losing strength, with limited space for continuation unless resistance breaks decisively.
If rejection confirms, traders should anticipate a pullback toward $0.51, completing the wedge breakdown and resetting the next major support test.
