Wang Pang's ADA Brief Review

ADA is currently quoted at around $0.85, with recent fluctuations between $0.82 and $0.87, indicating a decrease in volatility, which usually signals a major market event ahead.

Key Levels

• Support Level: $0.85 (recent support and a key psychological level at the 100-day moving average), $0.82 (second support), $0.80 (key psychological threshold, breaking below may lead to deeper declines).

• Resistance Level: $0.87 (recent upper range), $0.95 (may accelerate gains after breaking through), $1.00 (important psychological threshold).

• If it can hold above $0.87, it may trigger a short-term rise, initially targeting the $0.95 area.

Technical Indicators

• RSI: Currently at 52 (neutral zone), still has room for short-term rise, not overbought or oversold.

• MACD: Signals are a bit mixed, some are saying a bearish divergence has appeared, putting pressure on prices; however, there was also a weak bullish crossover before, with momentum increasing, needs further confirmation.

Potential Bullish Factors

1. Strong Support: ADA has held the key support at $0.85, which has withstood pressure multiple times before, marking the rebound starting point, maintaining it can stabilize sentiment and build a foundation.

2. Macro Positive Expectations: The market believes there is a high probability of the Federal Reserve cutting interest rates in September, historically, rate cuts are beneficial for risk assets, and ADA may rise accordingly.

3. Active Development: Cardano's network has shown high development activity in the last 30 days, with many developers, which is a good signal for the project's long-term health and a vibrant ecosystem.

Trading Suggestions: Go long with a light position around $0.8422-$0.8442, targeting $0.8552-$0.8652.

Reminder: The market is volatile, it's crucial to defend and preserve capital. #ADA