ADA remained stuck at a critical price level, with Bollinger Bands suggesting a breakout move was imminent.
A price breakout is looming, but which way will it go?ADA was on a gentle uptrend before the price rejection at the $0.376 price level. This led to a sharp reversal, which took ADA to the critical $0.3 support level. Despite the pullback, bulls have been able to hold on to the support level for over a week.
A look at the ADA’s price action on the 12-hour timeframe showed a tightening of the Bollinger Bands. This suggested that a price breakout was imminent. With prices lying at a critical level, the breakout could go either way. A bullish breakout will see ADA head toward the $0.35-$0.37 price level, with the $0.376 resistance a key hurdle to cross for more gains. On the flip side, a drop below the $0.3 support will see bears target the $0.25-$0.26 price region.
Meanwhile, the Relative Strength Index hovered around the neutral 50, while the Chaikin Money Flow also lingered around the zero mark. Both indicators revealed the neutrality of buyers and sellers while waiting for a clear trend to emerge from the press time price level.Speculators in the futures market adopted a cautious approach, due to the possibility of a price breakout.
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