Will ADA price recover to $0.7 in April?
ADA price is at the neckline support of the head and shoulders pattern, suggesting that sellers may lead the continued downtrend
For more than a month, ADA price has been adjusting in the range of Bitcoin price around $68,000. From the high of $0.8, ADA price fell to the support level of $0.57, a drop of 28.5%. This correction further developed into a head and shoulders pattern, indicating that ADA may fall further. With the overall market sentiment in the correction zone, ADA's trend shows signs of bears taking over.
The daily price chart shows that the ADA price trend has formed a head and shoulders pattern with the neckline at $0.567. In theory, this pattern usually appears at the top of the market, reflecting the increase in selling pressure in the market. However, the bull support led to a rebound in the coin and indicates a potential high momentum uptrend. With the bear pattern failing to play out, ADA price offers the possibility of a double bottom as it tests the long-standing support trendline.
ADA price is currently trading at $0.58, down 1.93% on the day, reflecting the increase in overall supply pressure. However, the signs of low price rejection formed by the tail suggest a potential bullish reversal. The neckline of the bearish pattern coincides with the support trendline and the $0.567 level. This reflects the play of ADA key points that may determine the future price trend.
If buyers succeed in driving the price up through a double bottom reversal, ADA price may reach $0.68. If the decline breaks the key support, the market value may fall by 20% to $0.46.
Technical indicators:
The slope of the strength index RSI index daily RSI is 41%, indicating that sellers are leading the current price action of ADA.
The fast-moving 20-day EMA of the exponential moving average EMA acts as a dynamic resistance for the bullish rebound, indicating that the short-term trend is bearish.
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