ADAUSD- Lacking in momentum to break the upward resistance
In a trending upward movement again for several days in a row, the pair ended Sunday positively within the level at $0.0924 and closing the prior day’s range, the prices missed to decisively move beyond previous day’s trading range in a very uninspiring momentum, thus lacking the energy to proceed upward.
Resistance Level: $0.101230, $0.094701
Support Level: $0.077482, $0.060071
ADAUSD Long term trend – Bullish
Lacking in momentum to break upward through the key technical resistance level at $0.0947 ADAUSD closed below it after spiking up to the level at $0.0944 earlier on during the day. The failure to close above the resistance could increase the importance of the level of present price level at $0.0926 going forward.
The trend is lacking in a downward movement and it is bullish and all it is showing an intact appetite for the uptrend in the long term.
ADAUSD Short term trend – Bullish
The pair found buyers again around the same price level today at $0.0915 and further buying could move the prices higher should the market test Mays close. Looking at the pair in the 4-hour chat we see that the pair is having 3 consecutive higher closes.
The momentum towards the resistance has bounced off the technical line of the level at 0.0947 so far the pair have remained bullish and buyers are taking the advantage to square up their positions to also in the short term go with the trend.