ADA / USD – ADA bounces back towards the 200-day MA
Important support levels: $ 1.13, $ 1.10, $ 1.05.
Important resistance levels: $ 1.16, $ 1.20, $ 1.28.
The BTC price drop below $ 30,000 yesterday caused many altcoins to follow suit. During the decline, ADA fell below the 200-day MA and eventually broke below the descending price channel it was trading on.
It continued to decline, hitting as low as $ 1 before recovering to close the daily candle at around $ 1.05.
Today the ADA rose a strong 12% as it climbed from $ 1.05 to hit $ 1.18. It is now back above the 200-day MA and battling the upper angle of the previous descending price channel in which it was traded.
ADA / USD daily chart. Source: TradingView.
ADA-USD Short Term Price Prediction
Looking ahead, the first resistance is at $ 1.20 if the bulls can break above $ 1.16 to penetrate the price channel. This is followed by USD 1.28 (20-day MA), 1.30 USD, and 1.40 USD (50-day MA).
On the downside, the initial support is at USD 1.13 (200-day MA). This is followed by $ 1.10, $ 1.05, and $ 1.00.
The RSI is in the bearish territory but is pointing up, suggesting that the bearish momentum may be wearing off.
ADA / BTC – ADA continues to trade within the price channel
Important support levels: 3600 SAT, 3540 SAT, 3440 SAT.
Important resistance levels: 3700 SAT, 3900 SAT, 4000 SAT.
ADA remains within the price channel it has been trading on since the first week of July. The coin fell below the 100-day MA to as low as 3440 SAT yesterday at 3600 SAT.
There it found support at 0.5 Fib and rallied to close the daily candle within the channel at 3540 SAT, the June lowest daily closing price. Today ADA pushed up and is now testing the upper angle of the price channel around 37000 SAT.
ADA / BTC daily chart. Source: TradingView.
ADA-BTC short term price prediction
If the bulls break the 3700 SAT channel, initial resistance will be at 3820 SAT – support in late June. This is followed by 3900 SAT (20-day MA) and 4000 SAT (50-day MA).
On the other hand, the first support is at 3600 SAT (100-day MA). This is followed by 3540 SAT and 3440 SAT (.5 Fib).
Again, the RSI is bearish, but the recent uptrend could point to weakening bearish momentum.
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