Here on the daily timeframe we can see that ADA has successfully broken out of it's downwards sloping trendline (major resistance).
ADA tested this trendline resistance back in Jan and Apr 22 but was faced with serious rejection and also faced slight rejection from this same trendline around a week ago, so to see ADA breakout and get a daily close above this trendline is bullish.
A minor to pullback to this trendline (now potential support zone) is very possible.
If trendline can hold up as support than upside targets are 51 and 57c (black lines)
But with every reward carries risk and a close back below the trendline would be a sign or weakness for ADA
Trade safe Trade green
ADA tested this trendline resistance back in Jan and Apr 22 but was faced with serious rejection and also faced slight rejection from this same trendline around a week ago, so to see ADA breakout and get a daily close above this trendline is bullish.
A minor to pullback to this trendline (now potential support zone) is very possible.
If trendline can hold up as support than upside targets are 51 and 57c (black lines)
But with every reward carries risk and a close back below the trendline would be a sign or weakness for ADA
Trade safe Trade green
