- The ADA market was in a range bound move because of the $0.095 overhead resistance.
- From the Fibonacci retracement tool, the crypto’s price is in the 0.236 Fib. retracement level.
ADA/USD Medium-term Trend: Ranging
- Resistance Levels: $0.0960, $0.0980 $0.1000
- Support levels: $0.0920, $0.0900, $0.0880
Yesterday, June 11, the price of ADA was trading in a sideways trend. The ADA market was in a range bound move because of the $0.095 overhead resistance. A trend line is drawn to determine the duration of the bullish trend. On the upside, a bullish trend is said to be ongoing if the trend line is unbroken.
On the other hand, a bullish trend is said to be terminated if the trend line is broken and another candlestick is closed in the opposite of it. Meanwhile, the price of Cardano is in the overbought region of the daily stochastic but above the 80% range. This indicates that price is a bullish momentum and a buy signal.
ADA/USD Short-term Trend: Bearish
On the 1-hour chart, the ADA price is in a bullish trend. The price of ADA is making a series of higher highs and higher lows. The 12-day EMA and the 26-day EMA are pointing northward indicating that price is in a bullish trend. From the Fibonacci retracement tool, the crypto’s price is in the 0.236 Fib. retracement level.
The price is in the continuation zone of the Fibonacci tool. The price of ADA is above the EMAs, which indicates the crypto will appreciate in value. The daily stochastic is in the overbought region but above the 60% range. This implies that price is in a bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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