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Price Levels Forming Rising Channel Indicating Ideal Entry Point

Long
BITFINEX:ADAUSD   ADA / Dollar
The technical chart of ADA highlights the gradual positive momentum built by the price levels which is followed by significant retracement after reaching the critical resistance zone of $0.35. The retracement ended up after the price levels touched the critical support area of $0.20 on the downside which helped to revive the positive momentum forming a rising channel pattern. A positive breakout above the 0.236fib level can surely be a bullish indication for the upcoming trading sessions.

The relative strength index ( RSI ) is also showcasing positive nature while standing at 59.86 and looking for a positive breakout to the overbought region.

The moving average convergence & divergence ( MACD ) also formed a bullish crossover and the levels looked for a positive breakout above the histogram line.

The commodity channel index ( CCI ) was also able to sustain in the overbought region reflecting on the positive sentiment for the crypto asset while standing at 98.02.

Resistance Level: $0.35
Support Level: $0.25 & $0.20
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