(ADA) has been moving upwards since July 20 and managed to break the falling resistance line on August 10. Sponsored
Although the uptrend remains intact and with no sign of weakness, ADA needs to start closing candles above the $1.75-1.83 area for the trend to remain bullish.
moving upward since July 20 after reaching a local low at $1.02
Initially, the price stopped after reaching the resistance area at $1.45 on August 9. This level also coincides with a descending resistance line.
However, ADA managed to break out on August 10 and formed a large bullish candle. It triggered a breakout from the aforementioned falling resistance line. So far, it has reached a close at $1.77 on August 10.
The nearest resistance area is located at the level of $1.83.
The 6-hour chart further supports the outlook from the daily chart. The resistance level at the 0.5 Fib retracement for measuring the entire downward move is at $1.75 (white).
If the entire move is an A-B-C structure (black), the A:C waves would likely form at a ratio of 1:1.61. This could lead to a peak at $1.81. However, this structure is not yet confirmed.
As with the daily interval, the technical indicators show no signs of weakness, even if the RSI is overbought.
If there is a rejection from this resistance area, the $1.47 level could probably act as support.
Cryptocurrency <a href=”https://beincrypto.pl/learn/najlepsi-krypto-traderzy-do-obserwacji-w-2021-roku/” target=”_blan
Unlike ADA/USD, it seems that the pair to BTC is still following a falling resistance line. This line is currently near 4000 satoshi, converging with the 0.5 Fib retracement resistance level.
The technical indicators in the daily interval are decidedly bullish. The stochastic oscillator has formed a bullish cross, the RSI has moved above 50 and the MACD has almost crossed into positive territory.
However, until both horizontal and diagonal resistance levels can be broken, the trend cannot be considered bullish.
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information on our website is solely at the reader’s own risk.