- The price of ADA tokens is on a strong uptrend in the daily time frame and is currently trading at $ 0.8918.
- Tokens are descending wedge bullish chart patterns formed in the daily time frame.
- The ADA / BTC pair traded at 0.00002241, reducing the market capitalization of digital assets by -3.71% in the last 24 hours.
ADA token Prices are on the rise every day and are also out of the long-term supply zone. The price of ADA tokens is trading above $ 0.79 in the supply zone in the daily time frame. Tokens form higher lows and higher highs in the daily time frame. Currently, the tokens are resting in the long-term demand zone in a weekly time frame, so with the support of bulls they can bounce back in the demand zone, and as a result, we can see the tokens moving upwards. However, if the token breaks the demand zone, it can drop rapidly. Currently, tokens are trading below all significant exponential moving averages (20, 50, 100) and may face a refusal to move upwards. The price of ADA tokens has been trading in a narrow range since the last trading week, so a breakout on either side will be triggered. Tokens are currently traded in the top bands of the Bollinger Bands indicator. The range of Bollinger Bands has narrowed, showing impulsive movements in upcoming trading days. Due to the reduced volume and lower volatility, the momentum on either side will last longer.
ADA token prices are forming a falling wedge pattern in the daily time frame
The price of ADA tokens has fallen since past trading dates, forming a low. But recently, despite selling pressure in the supply zone, tokens have remained above their previous lows. As a result, it started trading in a smaller range, which led to a breakout of the descending wedge pattern in the daily time frame.
Moving Average Convergence Divergence (Bullish): MACD has shown a bullish trend in the daily time frame as it has resulted in a positive crossover. The buyer’s (blue) signal line crossed the seller’s (orange) upside down. If the token deviates from the green trendline, it can reach over $ 1.2666. If the momentum continues, it may hit new highs.
Super Trend: The recent bullishness in the crypto market has not affected the supertrend indicators. The sell signal from the indicator remains the same as it broke the supertrend buy line with a strong bearish candlestick pattern. If the token price deviates from the red supertrend indicator line, you can see the indicator signaling a buy. Until then, investors must be cautious.
The RSI and ADX show signs of bullishness in the daily time frame
The price of ADA tokens has been on the rise over a longer time frame and has recently formed a chart pattern. If the token deviates from the pattern, it can cause large movements on the breakout side.
Average directional motion index:ADX has been declining continuously since past trading dates and has recently fallen below 40 as tokens were rejected for $ 1.26. The ADX curve has been seen recovering and is now pointing upwards. Therefore, it indicates that price movements may stop and the structure of price movements may change.
Relative strength index: The RSI is trading at 39.41 as the tokens form a bullish reversal pattern. The RSI curve is approaching the midpoint of 50, so beyond the 50 mark you will see the tokens rising and a breakout of the descending wedge pattern may occur. The RSI curve is also above 20SMA, showing the bullish momentum of upcoming trading days.
Conclusion
According to the price action, ADA token prices are forming a falling wedge bullish chart pattern. Technical parameters also suggest bullish momentum for upcoming trading days. Investors need to be careful until the token is generated on either side. It remains to see if the token breaks upwards or if the bear tramples on the price.
support: $ 0.79 and $ 0.83
resistance: $ 1.26 and $ 1.3958
Disclaimer
The views and opinions expressed by the author or the people nominated in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing or trading crypto assets carries the risk of financial loss.
