ADA – Descending Triangle

ADA is trapped inside a descending Triangle on 1Day timeframe and it has made a strong basis as support above $1.80.

On a 1hour time frame, ADA is ranging inside Bollinger bands near fib 0.83 at $1.95 area. This area should act as local support with the local resistance above at $1.998 (fib 0.786).

It’s important to note that the price is likely to drop to the bottom of the Bollinger band and there resides our strong support at $1.991, looking at lower timeframes.

If Bitcoin breaks above the $62,000 area, ADA can try to test the strong resistance area of $2.05 near fib 0.272.