$ADA Currency Analysis on the Hourly Frame:
Read and focus on the supports and resistances:
1. General trend: The price is showing positive momentum as it moves above major moving averages such as MA(25) and MA(99). This reflects an upward trend in the short to medium term.
2. Supports and resistances:
Supports♥♥:
First support level: 1.070 (corresponds to the MA(99) moving average).
Second support level: 1.050 (previous recent low).
Resistances♥♥:
First resistance level: 1.120 (recent high).
Second resistance level: 1.150 (an important psychological level if the uptrend continues).
3. RSI: The RSI is close to the 70 level, indicating that the market may be close to the overbought area, which could mean a slight correction is possible.
4. MACD: The lines show the beginning of a possible positive crossover, which supports the continuation of the bullish momentum.
5. Japanese candlesticks: The last candles show a continuous rise but with decreasing volumes, which may indicate a weakness in the momentum if not accompanied by higher trading volumes.
Recommendations♥♥♥:
If you are thinking of buying, try to enter at the nearby support levels (1.070-1.080) with a stop loss below 1.050.
If you are an investor, breaking the 1.120 level may be a signal to enter with targets at 1.150 and above.
Watch the RSI indicator to avoid entering the overbought zone.