Today’s market recovery was a relief after the recent drop that sent most altcoins back to their previous lows. ADA joined the party, but there’s no assurance that the bulls can sustain it. The next major direction still looks dicey. ADA’s overall market structure remains bullish on the macro level but the bears appear to be in control as the market currently undergoes a retracement from a short-term perspective. However, it appeared to be following Bitcoin’s pattern on the short-term scale, and as we can see, the price is recovering today due to minor gains in the past hours. Although it is uncertain if the recovery will last long. A climb back above this week’s high could restore the market’s strength. However, the bulls’ commitment is currently low, so it is difficult to determine whether a comeback will manifest. Technically, ADA’s supply still appears heavy daily. Just like the recent one, the current price recovery could lead to another bullish trap if it is short-lived under $1.15. The recent double-top pattern indicates a potential bearish move, which could trigger a major retracement in the next few days. As a result, we might need to wait for a clear cross above the November high before we can confirm a bullish continuation. A weekly price close will most likely determine where the market will head next. ADA’s Key Levels to Watch Source: Tradingview The current daily recovery may end at $1. If the price increases above this week’s $1.152 high, the next key target resistance would be $1.326 – tested last November. A break there should set the price up for a bigger gain. $1.5 and $2 are levels to watch. Breaking below the $0.85 level would confirm a bearish move to $0.765 and $0.69 in no time. The lower support level to consider for a test would be $0.6 and $0.522. Key Resistance Levels: $1.152, $1.32, $1.5 Key Support Levels: $0.765, $0.69, $0.6 Price: $0.96 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: niphonsubsri/ 123RF // Image Effects by Colorcinch
