ADA: 6-Months Downtrend over ?
Here's an analysis on ADA/USDT on a daily time-frame that demonstrates a downtrend of about 6 months as the price structure weakened and tumbled below $1 making a low of $0.746 within the Descending Channel and despite all the bad news, bearish trend and geo-political factors surrounding the cryptospace, ALTS are gradually trying to bounce back up and ADA is giving yet another try to break out of this downtrend.
As we can see, the price is currently sitting at a resistance zone that served as a strong support zone previously, as well as the 100-Day EMA, which can act as another dynamic resistance level; if the price fails to break above this zone, we may see another rejection. However, if this level is broken within the next few days, we can expect prices to advance towards new highs.
As for now, let's try be less predictive and see how the price reacts near these resistance levels along with time and act after we get a clear confirmation. As always do not forget to DYOR. Feel free to share your ideas in the comment section below.
As we can see, the price is currently sitting at a resistance zone that served as a strong support zone previously, as well as the 100-Day EMA, which can act as another dynamic resistance level; if the price fails to break above this zone, we may see another rejection. However, if this level is broken within the next few days, we can expect prices to advance towards new highs.
As for now, let's try be less predictive and see how the price reacts near these resistance levels along with time and act after we get a clear confirmation. As always do not forget to DYOR. Feel free to share your ideas in the comment section below.
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