ADAUSDT → Support retest and false break of the 200SMA

16 May 2023

ADAUSDT for more than two weeks is in the correction phase and makes a retest of the uptrend support. There is a probability of price strengthening.

The price tests the trend support and also makes a false break of the strong moving average - 200-day. Bitcoin is beginning to recover and if the flagship continues its strengthening, the cryptocurrency market will follow.
Earlier, we saw a break of the global trend.
At the moment, there is a possibility of a false break of the uptrend channel support, after which a bullish momentum in the direction of the trend can be formed.

Strong support: 0.3530, 200SMA, lower boundary of the trend.
Strong resistance: 0.3970, 0.4040
I expect a rebound or a false breakdown of the uptrend support, followed by recovery towards the trend resistance.

Regards R.Linda!

17 May 2023

Not

Broken local resistance
Expect growth after consolidation above the level