Analysis

ADA might start a rally as it finds support at $0.85

ADA found decent support at $0.85 and now seems poised to start a rally.

Key Support: $0.85
Major Resistances: $1, $1.1

ADA fell to the critical support at $0.85 and now the price is trying to rally back to the $1 resistance.

The cryptocurrency is unlikely to break above it, but at least the bulls will see a rally towards it soon.

Source: TradingView

Technical indicators

Volume: Volume is increasing after the recent drop and buyers appear to have returned to ADA.

RSI: The daily RSI is almost in the oversold territory today before the price turns around. The RSI is now rapidly moving up.

MACD: The daily MACD is still falling, but if momentum picks up, it could result in the MACD and the signal lines forming a bullish cross. That will change the current price action.

Source: TradingView

Perspectives

ADA’s current trend is neutral. Indicators are pointing to a rally, but it’s a bit early to count on it.

Short term prediction

Finding support is important for ADA as it confirms that the price is unlikely to drop that low at this point. Conversely, a rally can bring ADA back towards the critical resistance at $1.

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.