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Key Support levels: $1.2, $1.1
Key Resistance level: $1.5, $1.8
ADA surprised the market with a significant jump in price today which is fast approaching the key resistance at $1.5. The support at $1.2 did an excellent job in keeping the bullish momentum intact, and now ADA seems to be on a mission.
Technical Indicators
Trading Volume: The volume exploded today after a quiet Saturday, bringing confidence and significant momentum behind this bullish move. It appears that ADA will test the critical resistance at $1.5 soon, given the sentiment remains.
RSI: The daily RSI has made a higher high and has moved above 50 points, putting it on a path higher.
MACD: The daily MACD turned bullish last Thursday and ever since the histogram has been making higher highs. This signals a strong bullish move is at play.
Bias
The current bias is bullish.
Short-Term Prediction for ADA Price
The first true test of this move will be the key resistance at $1.5. The current momentum favors the bulls, and the price is due to test this key level very soon. If ADA can break above, then a sustained rally can follow.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.