Market

ADA Rally Ended At $1.6, What Next?

ADA had a great week, rocketing to $1.6 as the overall market remained undecided.

Key support level: $1.2
Major Resistances: $1.5, $1.9

ADA continued the rally this week, reaching $1.6 before falling below the critical $1.50 resistance. This strength separated ADA from the broader market, which remained undecided this week. Support is found at $1.20 and is unlikely to be tested again provided the current momentum remains intact.

Daily ADA/USDT Chart | Source: TradingView

Technical indicators

Volume: The high trading volume during this rally confirms that the bulls are in full control of the price. This means that the bulls will be actively buying during the pullbacks.

RSI: The daily RSI has made a higher high, hitting 65 during this move. This is a bullish signal as moves above 50 usually signal that the trend is bullish.

MACD: The MACD has formed a bullish cross and entered positive territory. This is an extremely bullish signal for the uptrend to continue.

Daily ADA/USDT Chart | Source: TradingView

Perspectives

The price action and indicators show that the current trend is bullish. All eyes are on the critical resistance at $1.5 and if the bulls can flip it to support, the next target will be $1.9.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.