A look at the Weekly chart or ADA shows that the price has just moved past the 21-period moving average which had been offering close resistance to the price since April 2019.
The past four weekly candles have been bullish.
After making a bottom near $0.03, the price is currently trading at $0.051.
The price is trading below the 21 and 50-period moving averages.
The MACD is moving upward with strength but is not positive yet.
The RSI is at 45, indicating neither overbought nor oversold conditions.
A look at the 3-day chart gives the first support area near $0.029 and the closest resistance area near $0.08.
Also, we can see that the price has moved above the 21 and 50-period moving averages, which are very close to making a bullish cross and are offering support to the price.
The price is inside the negative Ichimoku cloud.
After a long period of growth, the MACD is finally into positive territory. The RSI is at 56.
A look at the Daily chart gives us our first trading structure.
We can see that the price is following an ascending triangle and has been doing so since December 17.
The resistance of the triangle is near $0.051.
There is slight bearish divergence developing in the RSI.
To the contrary, the MACD is at a high point and moving upward.
Short-Term Outlook and Price Prediction
A look at the six-hour chart provides a closer inspection of the support line.
We can see that the price has increased significantly above the line, forming a pattern that looks like a double top.
Furthermore, there is more significant bearish divergence developing in the RSI.
Also, the MACD seems to have lost power and is in the midst of making a bearish cross.
Price Prediction: I believe that during the next week the price will drop and validate the support line.
- There is resistance near $0.08.
- There is support near $0.03.
- Price is moving inside a symmetrical triangle.
- It is trading above medium-term moving averages.