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
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
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.
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