$ADA

ADA Price Analysis: Key Support and Resistance Battle!

Brothers, recently the ADA price has been struggling below the neckline of the head and shoulders pattern, with bears fiercely suppressing it, but it seems they have not been able to push the price below $0.80 in one fell swoop. In this situation, both bulls and bears are contesting, and the next movement is crucial!

Bullish Scenario: Break above the 20-day moving average, target $1.20

If the bulls can push the price up and firmly stay above the 20-day moving average ($0.98), it would indicate a significant increase in the market's rejection sentiment towards further declines. After breaking through, the target looks towards $1.20, and the bulls will make a comeback! Short-term traders can pay attention to the confirmation opportunities after the breakout for following the trend.

Bearish Counterattack: Break below the $0.80 support, target $0.60

If the price continues to drop and breaks below the $0.80 support level, then the pattern target will aim at $0.60, and the bearish strength will further increase. The RSI trend and moving average performance lean bearish, which is worth being cautious about. Short-term bear traders can pay attention to the high-probability market when the support level is broken.

In the short term, both bulls and bears are focused on the battle results between the $0.98 resistance and the $0.80 support. If you are a conservative player, it might be wise to wait for a clearer direction before making a move.