Analysis

ADA is facing a key resistance after gaining 11% this week

ADA is currently challenging the critical resistance at $1.20 and has a good chance of moving higher.

  • Major support levels: $1.1
  • Major Resistances: $1.2, $1.3, $1.5

Just like the general sentiment over the past few days, ADA had a good week of growth (11 percent ROI according to CoinGecko) and broke the $1 – $1.10 resistance area.

The $1.2 zone is the next resistance to watch. If the price breaks out and flips $1.2 to support, the next target is $1.3 and higher to $1.5 if momentum lasts.

Daily ADA/USDT Chart | Source: TradingView

Technical indicators

Loudness: There was a decent amount of loudness on the last hit, but nothing out of the ordinary. We expect volume to increase as prices increase.

RSI: The daily RSI has not yet made a higher high but has made a higher low. The RSI needs to surpass 65 to set a higher high, which looks feasible next week. The RSI is currently at 54.

MACD: The daily MACD remains bullish with moving averages widening and histogram momentum bars higher. This favors the continuation of the upward movement.

Daily ADA/USDT Chart | Source: TradingView

Perspectives

The current trend is up.

Short term prediction

ADA price continues to move higher at a steady rate, in line with Bitcoin’s bullish momentum. If this continues, ADA can easily reach $1.3 in the coming days.

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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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.

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