Technical analysis of ADA/USDT based on the chart
1. Overall trend:
Current price: 0.6783 USDT.
Highest price in 24 hours: 0.6949 USDT.
Lowest price in 24 hours: 0.6632 USDT.
Daily change percentage: +0.04% (relative price stability).
2. Technical indicators:
Moving Averages (MA):
MA(7): at 0.6781 (almost the same as the current price level, indicating no clear trend so far).
MA(25): at 0.6689 (the price is above it, which may indicate the start of an upward trend).
MA(99): at 0.7074 (potential resistance level).
Relative Strength Index (RSI):
RSI(6) at 59.18, which is below 70, indicating that the price is not in the overbought zone yet, but there is moderate upward momentum.
Stochastic RSI:
At 73.17, which means the currency is approaching overbought levels, and may see a correction soon.
3. Support and resistance points:
First support: 0.6689 USDT (MA(25), which is very close to the current price).
Second support: 0.5801 USDT (the lowest level recorded in the previous period).
First resistance: 0.6949 USDT (highest price in 24 hours).
Strong resistance: 0.7074 USDT (MA(99), which is a critical level that may determine the continuation of the rise or a downward correction).
4. Forecasts:
Upward scenario: If the price can break the resistance 0.6949 USDT and sustain above it, it may target the level of 0.7074 USDT then 0.75 USDT.
Downward scenario: If the price fails to break the nearby resistance, we may see a correction towards 0.6689 USDT, and if broken, the price may return to test the 0.63 USDT level or lower.
Summary:
The overall trend is leaning upwards, but the price is approaching important resistance levels.
It is preferable to wait for a clear breakout of the resistance or a correction towards support levels to enter a buy trade more safely.
Pay attention to the Stochastic RSI which indicates a possibility of a slight correction before resuming the upward movement.
