Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
The broader perspective for ADA took a rather neutral stance with a slight edge for buyers. Especially, after the altcoin’s close above the 20 EMA and the 50 EMA , the bulls would strive to escape the shackles of low volatility. At press time, ADA was trading at $0.51.As the down-channel trajectory infused a bearish pull below the 20/50 EMA, the near-term narrative for the alt took a toll. However, the 200 EMA coincided with the three-week trendline support to build a solid support zone.
Further, the prospects of an effective morning star pattern would considerably heighten if the current candlestick closes at a higher closing price. Further, the CMF marked higher troughs over the last two days and affirmed a bearish divergence with the price. So, reversals from its immediate resistance level could hamper the near-term buying efforts.
Source: News Formal (newsformal.com)
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