ADA Price Analysis: ADA is testing long-term support on the daily chart along the bearish channel
ADA Coin is testing the long-term support at $ 1.01 on the daily chart The coin has been on the bearish channel for the past few months The coin formed a rounding top pattern on the hourly chart testing...
- ADA Coin is testing the long-term support at $ 1.01 on the daily chart
- The coin has been on the bearish channel for the past few months
- The coin formed a rounding top pattern on the hourly chart testing the long-term support level
ADA Coin has been trading in the descending parallel channel on the daily chart over the past several months and looks to continue trading the zone over the next few trading sessions. The coin has successfully tested and sustained its long-term support at $ 1.01. The coin is bullish at the moment headed towards testing the resistance zone of the parallel channel. It remains to be seen if the coin is able to break the resistance trendline over the next few trading sessions. The volumes saw an increase as the coin tested the long-term support and have seen a decline since. The Moving Average Convergence Divergence (MACD) indicator hints at a bullish bias for the coin.
ADA Coin is in a consolidation phase on the hourly chart after completing a rounding top pattern as can be seen on the exhibit. The coin has been consolidating since the completion of the rounding top and the coin looks to consolidate further over the next few trading hours before making a breakout. The MACD indicator indicates bullishness for the coin and the volumes also have been coming in at a very good rate. The coin has immediate resistance at $ 1.10 and support at $ 1.01.
Conclusion:
ADA Coin has been on a bearish channel for around close to five months and has taken support mow at a crucial long-term support level. It remains to be seen if the coin will break this crucial support over the next few trading sessions.
Support: $ 1.01
Resistance: $ 1.10
SNEKbot by DexHunter on CARDANO
Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!