ADA fell 15% from 2.149 to 1.808, following Bitcoin minor correction on October 27, 2021. This is expected as almost all coins (including the Shiba Coin), dropped alongside market leader.
Looking at the 4-hour chart of ADA shows a major red candle drop with a long neck indicating a quick reversal from the $1.80 level. The reason was there are institutions always waiting at that level to buy the dip at $1.80 and below. After ranging right above Fib 0.786 ($1.89), ADA tested 0.38 resistance and retraced back to 0.618, as in the graph.
This is the value area for ADA and after collecting some liquidity, it should gradually rise to the dotted trend line near $2.104. The major support level is at $1.73 otherwise.
