Looking at the ADA/USDT chart, here is a brief technical analysis based on the data seen:
1. Fibonacci Retracement:
Fibonacci levels are seen being used to identify support and resistance areas.
The current price is between the 0.786 (0.9858) and 0.618 (1.0618) levels. This indicates that the price is trying to maintain support in the 0.786 area.
2. Moving Averages (MA):
The yellow and white lines on the chart are likely MAs with different periods.
The current price is below these MA lines, indicating a bearish trend in the short term.
3. Support and Resistance:
Strong support is seen around 0.9248 (marked by the horizontal red line).
The nearest resistance is at 1.0618 and then at 1.1115 based on the Fibonacci levels.
4. Trend Direction:
The price seems to be in a correction phase after previously reaching a peak around 1.4608.
If the price holds at the support level of 0.9858 or 0.9248, there is potential for an upward rebound.
5. Other Indications:
The current price decline (-2.53%) indicates that bearish pressure is dominating.
Strategy Suggestion:
If you want to enter, pay attention to whether the price holds at the support area of 0.9858 or 0.9248.
If this support is broken, there is a risk of a further decline to the level of 0.8849.
Conversely, if the price bounces off the support and passes the resistance of 1.0618, this could be a sign of a bullish reversal.
Make sure you combine this technical analysis with fundamental factors before making a decision.