ADAUSDT → Support retest and false break of the 200SMA

16 de mai. de 2023

ADAUSDT for more than two weeks is in the correction phase and makes a retest of the uptrend support. There is a probability of price strengthening.

The price tests the trend support and also makes a false break of the strong moving average - 200-day. Bitcoin is beginning to recover and if the flagship continues its strengthening, the cryptocurrency market will follow.
Earlier, we saw a break of the global trend.
At the moment, there is a possibility of a false break of the uptrend channel support, after which a bullish momentum in the direction of the trend can be formed.

Strong support: 0.3530, 200SMA, lower boundary of the trend.
Strong resistance: 0.3970, 0.4040
I expect a rebound or a false breakdown of the uptrend support, followed by recovery towards the trend resistance.

Regards R.Linda!

17 de mai. de 2023

Nota

Broken local resistance
Expect growth after consolidation above the level