ADA/USD – ADA Reverses At $1.56 Resistance
Key Support Levels: $1.45, $1.40, $1.30.
Key Resistance Levels: $1.6, $1.75, $1.80.
Like most cryptocurrencies, ADA saw a drastic 63% price drop from a high of $2.52 to a low of $0.91 in May. It quickly rebound from the Wednesday price crash to $0.91 as it closed the daily candle above the 50-day MA.
Unfortunately, during the remainder of last week, ADA slowly declined into the 100-day MA around $1.30. Yesterday, it found support at $1.23 (.786 Fib) and rebounded to reach resistance at $1.6 (bearish .382 Fib).
Today, ADA did spike above $1.60 but struggled to make ground above the $1.6 resistance and has since dropped to $1.48.