ADA price found a solid support at $2 on September 21st and started a new uptrend. Following that, ADA found itself on an upward channel and reached $2.35 on Thursday. Unfortunately, the price pivoted downward after touching the ceiling and went for a correction. Yesterday, ADA was deeply affected by the bear market and dipped to $2. Honestly, it took it like a champ and managed to bounce back going for the ceiling once again. Today, the price crawled up to reach $2.38 but failed to surpass this point. Currently, ADA is at $2.33.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA inside an upward price channel, moving from $2 to $2.25. Despite the hiccups on Thursday and Friday, and the fall to $2, it managed to bounce back up. During the bullish run, by surpassing the mid-way resistance level and stabilizing above it, ADA price reached $2.38. However, it failed to surpass and went for a correction.
As of now, the $2.33 is the first resistance level for ADA PRICE. Breaking through this point would bring momentum to the upward movement. For this scenario, the $2.38 and $2.42 are the next resistance levels to beat. Following that, the $2.45 is the boss fight on top of the channel. In case of successfully escaping from the top, the $2.5 and $2.6 will be the following resistance levels to come.
On the other hand, if ADA fails to surpass $2.38 and subsequently lose the $2.33 support, we should expect further price correction.
For the bearish scenario, the $2.3 to $2.28 in the middle of the channel is the first level to support he price. Following that, the $2.25 to $2.22 zone near the 50% Fibonacci retracement level will be next. Further decline can bring ADA closer to the SMA100 at $2.2.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is on an upward momentum.
RSI: the 1-hour relative strength index is approximately 60.
Resistance levels: the first support level will be $2.38. Then the $2.40 to $2.42 zone will be next. Following that, the $2.5 will follow.
Support levels: the first support for ADA is around $2.33. Then the $2.3 to $2.28 will be the next down the line. Then the $2.25 to $2.2 will follow.
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