ADA Price Analysis: ADA Token Price Breaks A Long-Term Formidable Downtrend

  • The coin price has broken above the parabolic SAR, signifying the start of an uptrend.
  • The pair ADA/BTC trades at 0.00003436 BTC with an intraday fall of -2.26%.

The ADA Token‘s price has recently found an enormous demand near the $1 support level. In addition, the recent price jump of 30% in the past week has resulted in the breakout of a long-coming resistance trendline which was successful in crushing all the previous bullish attempts.

The token price trades above all the significant EMAs in the daily chart with the support of the 200-day EMA; however, the sloping EMAs still threaten bearish crossovers if the trend fails.

The current market price of the ADA token is $1.34. There has been an intraday rise in the market capital by +11.66%. Moreover, due to the latest increase in buying pressure, the intraday trading volume has inclined by +134%.

ADA Token Price Soon To Jump Post-Retest

According to the pivot point standard, the coin price can support the $1.15 and $1.00 marks. If bulls continue the trend, the price could reach the $2 mark.

The technical charts for the 4 hours show that the ADA token’s price is trading above all of the critical EMAs. Moreover, all the essential EMAs are rising higher, projecting a strong possibility of bullish crossovers.

The RSI indicator, which is bullish, indicates a gradual rise in the slope. As a result, the RSI indicator could soon move into the overbought area.

The ADX indicator signals a high momentum trend.

Conclusion: ADA Token has recently broken the solid resistance trendline that may shortly initiate a bullish rally. Investors with bullish hope may find an entry spot near the trendline retest.

Support: $1.15 and $1.00

Resistance-$2

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