ADA price started a rally on January 10 and managed to climb as high as $1.51. The price surpassed the $1.20, $1.35, $1.42 and finally $1.50 before hitting a resistance level and settling above $1.50. Currently, ADA is around $1.51.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA has started a strong rally from $1.10 last week. During this 40$ rally, the price managed to surpass $1.20, $1.35 and $1.53 resistance levels.
Currently, ADA price is facing a resistance at $1.53 to $1.55. In case the price breaks through these levels, the $1.60 and $1.75 will be the next resistance levels.
On the other hand, if ADA price fails to surpass the $1.53 to $1.55 zone and loses the $1.49 support, there will be further correction ahead.
The next support levels down the line are $1.45 and then the $1.40 to $1.38 zone near the 50% Fibonacci retracement level. In case of losing the trendline and the SMA100, the $1.35 to $1.30 will support the price ADA next.
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 76.
Resistance levels: the first support level will be $1.55 followed by $1.60. The $1.70 to $1.75 zone is the next resistance levels.
Support levels: the first support for ADA is at $1.50 followed by $1.45 and then $1.38.
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