ADA 1-Month Analysis

Technical Analysis 

May 8th, 2023 at 11:59 PM PST

ADA 1-Month Technical Analysis

The following is a technical analysis on the last 1 month period, taking place from April 8th-May 8th. Since then, ADA has fallen 5.53% indicating a short term bearish sentiment. It’s important to note that short-term trends can change very quickly, and a longer timeframe analysis is recommended for a more accurate assessment. 

1 Month | Support and Resistance Levels: Based on price movement, the key support level seems to be roughly $0.36. Alternatively, a key resistance level to keep an eye on seems to be right around the $0.46 area. Will hydra push us closer towards the $0.50 level?

Analysis: At the time of writing ADA is up +48% YTD, over the last five months we’ve experienced a period of higher highs moving from $0.25 -> $0.40 -> $0.42 -> $0.46. Upon zooming out and taking a look at the broader trend, ADA seems to have touched the bottom around the $0.25 area and looks like it finally might be on its way back up, slowly inching its way towards the previous all time high of roughly $3.00 back in 2021.

Is crypto winter finally over, or are we in for one last shakeout? 

Disclaimer:

This is NOT financial advice, and should not be taken seriously. Our team does not have a financial background whatsoever, and we're simply jotting down our observations.