The range to $0.415 is in the hands of the Fed

Daily Chart ADAUSD 021122

Technical Indicators

ADA needs to break the $0.405 pivot to target the first major resistance (R1) at $0.411 and Tuesday’s high at $0.415. A return to $0.410 indicates a possible breakout session. But the ADA will also need support from the broader market for a bullish session.

If the rally continues, the second major resistance level (R2) is likely to play at $0.422. The third major resistance level (R3) is located at $0.439.

Failure to breach the pivot will leave the first major support level (S1) at $0.394. However, barring an extended sell-off, ADA should avoid below $0.390 and another major support level at $0.388. The third major support level (S3) is located at $0.371.

Leave a Reply

Your email address will not be published. Required fields are marked *