ADA Price Analysis – July 16
Following the ADA/USD market: the pair still maintains a decreasing channel trend as the Bitcoin market also builds a descending wedge. Obviously, the markets generally are collapsing.
Resistance levels: $0.085, $0.090, $0.095
Support levels: $0.030, $0.025, $0.020
ADAUSD – Daily Chart
ADA/USD is moving with strong bearish candles, since the beginning of this month, the massive drop has positioned ADA in a decline mode. Looking at the daily chart, the trend is maintaining a descending channel pattern under the 21-day MA. The candles have touched the lower trend line as shown in the oversold region of the stochastic RSI. A potential pullback may likely take the price up to retest $0.70 resistance level, where the top channel lies.
Moreover, the rally continues to the next support at $0.40 and may likely extend it to the main support levels of $0.030, $0.025 and $0.020 respectively. If price fails to swing lower at the aforesaid resistance level, the high move would visit the $0.085, $0.090 and $0.095 resistance levels. Currently, on the MACD, the signal lines have crossed to the negative side indicating a continuous bearish dominant.
After reaching 791SAT resistance level early this month, ADA price fell to a current low at 546SAT near the lower trend line; may likely prepare for a pullback to 600SAT resistance level before resuming the existing rally as the RSI indicator is still swimming in the oversold region.
ADABTC – Daily Chart
Pairing Bitcoin, the Medium-term trend is in a bearish as ADA moves in a descending wedge pattern. Still moving under the 21-day moving average, ADA/BTC is driving to the 200SAT support level. Breaking this support would shoot price lower to the 190SAT support area, the 2019 low.
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