ADA – Inflection Point

ADA soars above levels highlighted in yesterday’s chart. It is currently flying above 1.618 fib level near the $2.30 range.  Now that we see a 13% rise in ADA price, here are two possibilities for ADA price movement. First, it can find support and after ranging for some time, it can continue towards fib 2.618 near $2.26. The other is, ADA can retrace back as the selling pressure increases near the area where EMA are converging (at fib 0.5).