- 1
ADA coin price is in a strong uptrend and recently it fell to the demand zone as result of positive price structure. - 2
ADA coin price is forming a falling wedge reversal chart pattern on a daily time frame. - 3
The pair of ADA/BTC is trading at the price level of 0.00001463 with an increase of 1.25% in the past 24 hours.
ADA coin price as per the price is defying the overall market sentiment as it fell to the demand zone. After consolidating at the short term demand zone, the coin price has formed a reversal chart pattern indicating a possible strong uptrend if it breaks the short term supply zone.
ADA coin price hits the rock bottom
ADA coin price indicates a strong bullish move on the card. As of now, the coin price is forming a higher high and higher low price structure on a daily time frame. Recently the coin price fell below the 50 and 100 MAs. These MAs can be seen acting as a strong supply ozone moving upwards. Although, the coin price has managed to sustain a long term demand zone after breaking a short term support.
As of now, the ADA coin price is trading at the lower band of the bollinger band indicator after failing to surpass the upper band. The ADA coin price has gone past the 15 EMA indicating a bullish trend for a short term if it sustains above it. Volumes have increased as the coin price fell to the demand zone.
ADA coin price forms a falling wedge pattern
The ADA coin price has managed to sustain the long term supply zone. The MACD indicator triggered a positive crossover as soon as it bounced off the demand zone. The blue line crossed the orange line on the upside. Despite the recent fall the MACD lines are still positively intact indicating no effect of the recent brief fall.
As of now, the ADX curve is trading at the level of 30.95. This comes after the coin price crossed the short-term supply zone which led to the ADX curve dipping out of the 25 levels. Moving forward, if the coin price surpasses the supply zone, the ADX curve can be seen rising to the mark of 50 supporting the trend.
Conclusion: ADA coin price as per the price action is bullish as it forms a strong bullish chart pattern. As of now it has retracted back to the demand zone although, the technical parameters have turned neutral indicating a consolidation to prevail in the upcoming trading days before a strong move on either side. It remains to see if the coin price will break the supply one or fall below the demand zone.
Support: $0.26 and $0.31
Resistance: $0.35 and $0.42
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Source: https://www.thecoinrepublic.com/2023/03/09/cardano-coin-price-analysis-ada-coin-price-hits-the-0-30-level/