ADA found support at $0.70 and appears determined to reverse the downtrend.
Key Support levels: $0.64, $0.70
Key Resistance levels: $0.77, $0.90
1. Buyers Return at Key Support
Once the price landed on the 70 cents support, buyers returned. At the time of this post, ADA is at 75 cents and has good momentum to test the resistance at $0.77. If bull break that level, then ADA has a clear path to go back towards 90 cents.
2. Bullish Momentum Picking Up
In the past five days, ADA closed four daily candles in green. While the volume is still low, this is a promising reversal that could allow for an attempt at a breakout. The momentum indicators are also giving first signs of curving back up which supports a possible reversal here.
3. Daily RSI Above 50
As bulls return, the daily RSI has moved above 50 points hinting at a positive bias. If the RSI can stay above 50, then ADA had a good chance of moving beyond its current resistance at 77 cents. That could build sufficient momentum to even test the 90 cents level later on.
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