ADA Technical Analysis: Rounding Bottom Plans To Cross $1 

Key technical points:

Past Performance of ADA

The ADA coin price shows a reversal from the descending support trendline resulting in the price jump of more than 20% last fortnight. The price action shows a stronger underlying bullishness evident by the rounding bottom and the 50-day EMA breakout. However, the price action shows higher price rejection near the psychological mark of $1. 

Source-Tradingview

ADA Technical Analysis 

ADA coin price action shows a retracement from the $1 mark that comes as the retest of the rounding bottom breakout. Hence, the psychological barrier breakout will represent an excellent buying opportunity. 

The crucial EMAs (50, 100, and 200) showcase a bearish alignment despite bulls transcending the 50-day EMA and preparing to head higher after retest. Hence, a retracement to the 50-day EMA is an excellent buying opportunity. Furthermore, the breakout rally teases a jump to the 200-day EMA, accounting for a 35% jump.

RSI Indicator: The RSI slope crosses into the nearly overbought zone, with the 14-day SMA mimicking the bullish behavior. Hence, the indicator projects solid buying pressure and teases a rally to $1.125 at minimum. 

MACD Indicator: The MACD and signal lines showcase a phenomenal rise with an increasing bullish spread. Moreover, the bullish histograms continue to grow in intensity, projecting a boom in buying pressure. 

In a nutshell, the ADA technical analysis project a boom in buying pressure that may shortly overpass the $1 mark and approach the 200-day EMA.

Upcoming Trend 

ADA coin price shows a growing underlying bullishness with the rounding bottom and the 50-day EMA breakout. However, the price must sustain above the 50-day EMA for the uptrend to grow. 

Conversely, a price succumbing under the 50-day EMA will nullify the bullish ideology and result in a price fall to the $0.85 mark. 

Support Levels: $0.90 and $0.85

Resistance Levels: $1.15 and $1.30