🔥 ADA Reversal From Indicated Support Area

Few days ago I made an analysis on ADA. In this analysis I talked about the potential moves for ADA in the near future.


One of the moves I talked was a reversal from the top of the consolidation channel, which has now occurred.
A big reason for this strong bounce is the oversold RSI on the daily chart. Every time over the last months that the daily RSI dipped below 30, a strong bounce followed.

However, I'm not 100% convinced on the bullish direction yet. If we can close a daily candle above the $1.83 area (dotted line), I'm switching bullish.

Happy trading!