ADA/USD – Bulls struggle to land above the 20-day moving average
Main levels of support: $2.20, $2.00, $1.95.
Key resistance levels: $2.22, $2.36, $2.50.
ADA bounced from support at $2 (0.618 Fib) on Friday and broke above the September downtrend line. Although it rose above the 20-day moving average to reach $2.36 (bearish .382 Fibonacci), it could never close above that level.
Over the weekend, the ADA continued trading below the 20-day moving average as it failed to create any sustained momentum above it. The strong closing candle above it indicates that the ADA is ready to return towards the September highs.
ADA-USD Short Term Price Prediction
Looking ahead, the first resistance lies at the 20-day moving average, around $2.22. It follows that at $2.36 (downward Fibonacci 382), $2.50 (downward Fibonacci of 0.5 and 50-day moving average), and $2.65 (618 Fibonacci of bearishness).
On the flip side, the first support is at $2.20. This is followed by $2.00 (0.618 Fib), $1.95 (hundred-day moving average), $1.88 (downside 1.414 Fib extension), and $1.80.
The daily RSI is fluctuating below its mid-line, indicating that the previous bearish momentum is fading.
ADA/BTC – Pushes bears below 0.5 . Fibonacci support
Main levels of support: 4350 SAT, 4220 SAT, 4000 SAT.
Key resistance levels: 4500 SAT, 4700 SAT, 5000 SAT.
ADA fell below the critical support at 4700 SAT (0.5 Fib) yesterday as it continued to decline further below the 4500 SAT and the 100 day moving average. The cryptocurrency has been trading within a bearish price channel since it hit the resistance at 6000 SAT in the first week of September.
Initially, ADA found support at 4800 SAT but could not hold out over the weekend. The bottom corner of the price channel is still available to support the move forward.
ADA-BTC Short-Term Price Prediction
Looking ahead, the first strong support lies at 4350 SAT (.618 Fibonacci). This is followed by the 4220 SAT (downside 1.272 Fibonacci extension and the bottom corner of the price channel), 4000 SAT, and the 3825 SAT (200-day moving average).
On the flip side, first resistance lies at 4500 SAT. This is followed by 4700 SAT, 5000 SAT, and 5300 SAT (50-day moving average).
The RSI is moving lower from its midline, which indicates that the bearish momentum is now building.
Free $50 Binance Futures Coupon: Use this link to sign up and get 10% off fees and $50 when you trade $500 (limited offer).
PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to get a free 50% bonus on any deposit up to 1 BTC.
Disclaimer: The information in CryptoPotato is that of the quoted authors. It does not represent the opinions of CryptoPotato regarding buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use of the information provided is at your own risk. See disclaimer for more information.
Cryptocurrency charts by TradingView.
