ADA is back at $1, but can it stay there?
Key Support levels: $0.90
Key Resistance levels: $1, $1.3
1. Price Consolidates
ADA is currently trying to stay above $1 which proved difficult to date. If it is successful, then buyers will be encouraged to press their advantage and push the price all the way to the key resistance at $1.3. The current price action favors bulls since yesterday.
2. Momentum is Returning
The price has been moving sideways for most of this week, but since Wednesday the bullish momentum has returned. This allowed ADA to go back to $1. While this is encouraging, bulls will have to turn $1 into a key support if they want to challenge the $1.3 resistance.
3. Daily MACD Bullish Again
After some hesitation and flat price action, the MACD did a bullish cross yesterday. This could be the start of a renewed rally that can see ADA both secure $1 as a key support and attempt a breakout above $1.3. The coming days are critical and can decide where this cryptocurrency is headed next.
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Cryptocurrency charts by TradingView.
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