According to Coingabbar Price Analysis,On January 3rd, ADA price exhibited a long-tail rejection, signaling buyer accumulation at $0.5, coinciding with the 38.2% Fibonacci retracement level.
The daily time frame chart reveals the formation of a cup and handle pattern, indicating potential bullish momentum.
ADA price on the daily chart finds support from the Ascending Trendline, further reinforcing the potential for an upward move.
A healthy retracement to the 38.2% Fibonacci level creates a buying opportunity, as observed in the technical analysis.
The confluence of technical support at $0.5 establishes a significant area of interest for buyers, enhancing the likelihood of a positive market response.
This degree of pullback is considered a healthy retracement, fostering sustainability at higher price levels.
KEY LEVELS :
RESISTANCE LEVEL : $0.5400-$0.5700
SUPPORT LEVEL : $0.5000-$0.4800
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