ADA/USD Daily Chart. Source: TradingView.
Key Support Levels: $2, $1.88, $1.80
Key Resistance Levels: $2.60, $2.70, $2.80.
ADA found support at $2 last week, provided by a .618 Fib Retracement. From there, it rebounded through the week until resistance was met at $2.50 (bearish .5 Fib). Since hitting this level, ADA has rolled over and returned back to around $2.
ADA must this level throughout the week to prevent any further declines. It must also break the $2.50 resistance for a chance to recover back toward the September highs.
Looking ahead, the first resistance lies at $2.20. This is followed by $2.30 (20-day MA), $2.45 (50-day MA), and $2.50 (bearish .5 Fib).
On the other side, the first strong support lies at $2 (.618 Fib). This is followed by $1.88 (downside 1.414 Fib Extension & 100-day MA), $1.80, and $1.66 (.786 Fib & 200-day MA).
The daily RSI remains beneath the midline, indicating weak bearish momentum in the market.
Key Support Levels: 5000 SAT, 4800 SAT, 4715 SAT.
Key Resistance Levels: 5200 SAT, 5400 SAT, 5600 SAT.
ADA rebounded from support at 4800 SAT last week and started to head higher. It managed to break back above the 50-day MA during the week but failed to close a daily candle above resistance at 5400 SAT.
As a result, ADA has dropped from the weekend resistance to fall back into the support at 5000 SAT today.
Moving forward, the first support lies at 5000 SAT. This is followed by 4800 SAT, 4715 SAT (.5 Fib), 4500 SAT (100-day MA), and 4350 SAT (.618 Fib).
On the other side, the first resistance lies at 5200 SAT 9(20-day MA & 50-day MA). Added resistance lies at 5400 SAT, 5600 SAT, 5800 SAT, and 6000 SAT.
The RSI is fluctuating around the midline, indicating indecision within the market.
