ADA Price Analysis – January 19
ADA/USD slips today as the price drops to $0.042. In the coming days, the coin may likely create a new low or recover from slippery.
Resistance levels: $0.048, $0.050, $0.052
Support levels: $0.038, $0.036, $0.034
ADA/USD saw a severe fall beneath the long-term support and touched $0.040, which is now subject to the price actions around the 9-day moving average at the time that the market opens today. As the bears take charge, the coin is now losing momentum to the lower side of the rising wedge along with a potential price surge.
Meanwhile, the RSI (14) indicator on the daily chart nosedived from the overbought zone and may continue to issue some sell signals. Looking at the chart, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.038, $0.036 and $0.034 levels. On the upside, the bulls need to push the price above the channel to reach the resistance at $0.048, $0.050 and $0.052 levels.
Against Bitcoin, the market is seen to be moving close to the moving averages of 9-day and 21-day within the channel where the price is expected to break below. Meanwhile, should the price cross down the moving averages, the market will continue to experience a downward trend that could reach the nearest support level of 460 SAT and below.
In other words, if the bulls could manage and push the market towards the north and well above the channel, ADA/BTC price may likely reach the resistance levels of 520 SAT and 530 SAT respectively. The bears may fully come into play as the RSI (14) signal line moves below level 55.
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