- The price is trading inside a parallel channel over the daily graph. The coin needs to accumulate more buyers to make the coin escape through this.
- The crypto asset is trading below the 20, 50, 100, and 200 daily moving average.
- The ADA/BTC pair is at 0.0000239 BTC with a gain of 3.81%.
ADA price after a downtrend is still now trading inside a sideways channel of support and resistance $0.41 and $0.55 over the daily chart. The bulls and bears are still battling for dominance over the market, but as the battle is neck to neck so no directional change yet has taken place. The coin needs to gather support to rescue the coin and begin a recovery. The ADA investors need to wait for a directional change in the market to make a move. The price is currently trading above the exponential moving average and the volume has gained 11% supporting the bullish pressure,
 The current price for one ADA coin is trading at $0.51 with a gain of 6.73% in its market capitalization in the last 24 hrs. The coin has a trading volume of 804 million with a gain of 9.62% in the 24 hrs trading session and a market cap of 17.5 billion. The volume market cap ratio is 0.04615.
Short-term Analysis
The waves of uptrend have begun over the short-term (4 hrs) graph. The bulls just need to break the barrier of $0.55 to make this uptrend movement successful.
We can observe a positive cross over the multiple EMA of 20, 50, 100 and 200 days which is a strong signal for bullish movement.
The MACD indicator is indicating a bullish run as the MACD line is moving above the MACD signal line but the histograms started fading. In support the relative strength index is showing an increase in selling.
The technical indicators can’t give a directional prediction,so the investors need to wait a bit for the situation to get clear so as to make a move.
Conclusion
ADA price after a downtrend is still now trading inside a sideways channel of support and resistance $0.41 and $0.55 over the daily chart whereas an uptrend can be observed over the hourly chart. The trading volume is at a gain of 9.26%. The technical indicators appear here of little help, so the investors should wait a bit for any move.
Technical levels
Resistance levels: $0.55 and $0.60
Support levels: $0.41 and $0.39
DisclaimerÂ
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
