ADA seems to have started its journey towards the $1 mark after witnessing major lows last month.
2 hrs ago
The move towards 0.5 was a bit more labored, taking four days to breach, after finding considerable resistance around the $0.27 level, which was retested after a move above 0.5.
Today the price jumped from the 0.5 level and took a run for the magical 0.618 ratio, which it failed to breach at $0.32. However, ADA seems to have found temporary support at the $0.31 and $0.298 price levels.
At the moment, RSI has some breathing space on the 1-hour chart and is not extremely oversold on the daily. The MACD also looks good for now, and the recent price surge was also followed up by volume and the CMF indicator.
As long as Bitcoin continues to stay above $9,300, we could see ADA retry breaching the 0.618 level, after which it could find resistance at the previous trend continuation, at the $0.33 level, followed by key resistances at $0.37 and $0.44 prices.
However, if ADA runs towards $1, we can expect major resistance around the $0.90 level, as January buyers try to exit after watching the significant drop. For now, it all depends on BTC, which could make a splash after crossing the psychological $10,000 barrier.
In case BTC decides to take a dive, ADA will find support between $0.28 – $0.26 levels.
What do you think about ADA? Is it a short-term trade or a long-term hold? Share your thoughts in the comments below.