Chart by TradingView
As soon as the bears reached the key support, they completely lost control of the price action.
Key Support levels: $0.30
Key Resistance levels: $0.35, $0.38
ADA finally found good support at 30 cents from where the bulls managed to turn the momentum in their favor. The price quickly rallied to hit the resistance at 35 cents. This show of strength has turned the chart bullish, which could see ADA move higher later this week.
Trading Volume: The explosive buying volume reversed the downtrend abruptly. This is bullish.
RSI: The daily RSI touched the mid-level at 50 points. Buyers need to keep the pressure up to protect their most recent gains.
MACD: The daily MACD completed a bullish cross yesterday. This is a significant change in the momentum and may signal the start of a sustained reversal.
The bias for ADA is bullish.
With this latest bounce off support, ADA has turned bullish based on the momentum indicators. If buyers break the resistance at 35 cents, this cryptocurrency could target 38 cents next.
