After its network upgrade, ADA is reacting positively. Recently, it crossed its $1 difficult-to-cross threshold to $1.191, but experienced a retracement. The pattern could be interpreted as a bullish trend for the coin.
Cardano Completes Network Upgrade, ADA Reacts To The Upside| Cardano Completes Network Upgrade, ADA Reacts To The Upside
ADA’s Up and Downs
At the time of writing, $1,09 is currently trading as the seventh largest cryptocurrency. The retracement is from the $1,2 mark. The weekend will see a moderate bearish continuation, which is expected to be followed by a bullish rebound. They noted that Ada’s resistance levels are $1.150, $1.200, and $1.250, and support levels are $1.100, $1.050, and $1.000.
“ADA has finally snapped the $1 barrier and has tapped the $1.191 top following a four-day parabolic bull run. The cryptocurrency is now back at the $1.100 mark. Support area , as bulls ran out of steam near the $1.200 resistance.”
Trader pointed out that ADA placed the 100 day Exponential Moving Average below it.
“As we head into the weekend, I expect a mild Bearish continuation towards the $1.050 support. Then, I’m expecting to see an increase in the $1.050 support. bullish rebound to the $1.200 – $1.250 range.”
Moreover, the Coin’s RSI could be pointing at an oversold market, which might translate into a pullback or even a similar upside trend to previous upward movement scenarios:
“The last 3 times ADA has hit 70 Stoch RSI and dipped back down on the Chart for daily use – like it is today – it has exploded to the upside in days after,” a trader noted per TradingView.
Break-Out Still To Come?
Despite the retracement, a similar pattern to the Ethereum 2017 cycle could still be in play, which would indicate a bullish trend for ADA. See below the illustration of a trader using a pseudonym.
If Bitcoin’s resistance levels are broken, then ADA will likely see a bounce and could be in a very bullish trend.
The pseudonym trader that showed the resemblance had been watching for the 1D candles to move above the close $1.2 level ADA was moving upwards to. However, this did not happen due to the pulled back. However, in their opinion, it already looked “as if ADA is replicating Ethereum’s (Ethereum USD) bullish break-out in early January 2017.”
“See how the price action that led to this since March 2016 is also quite similar to ADA’s price action since May 2021. The same Channel Down followed by the Higher High, the near support test, and then the beginning of the Lower highs. The channel down is even the. RSI fractals are similar.”
Another trader feels that ADA is making a cautious move toward its target. “There we will have some trading range and possible 2nd leg… Watch closely,” they added.
ADA Surges 12% With Best Performance In Top 10, Will It Tackle $2?| ADA Surges 12% With Best Performance In Top 10, Will It Tackle $2?