What's in this article
The daily price chart shows that ADA is trading in a falling wedge, which means we may be able to see a new ATH of 3.85 very soon. When ADA exits from this falling wedge a trend reversal is expected.
ADA is currently trading at $1.973 with a 24h trading volume of 2.43 billion dollars. ADA price has not changed much in the previous 24h period with a live market cap of $65,554,256,280. ADA is holding the 5th position in the crypto market ranked by market cap and the price chart of the ADA has a lot of tails to tell.
Technical Analysis :ADA is trading in a falling wedge
The technical analysis tells us that ADA is trading in the falling wedge. The token has a support line at $1.87 but the falling wedge goes way down. The price chart of ADA clearly indicates that the token is not having great volumes spikes. ADA is trading in a falling wedge and it is considered as a trend reversal pattern and mostly turns into a bullish one. When ADA exits from this falling edge then the major resistance for the token is at $3.118.
The down part of the falling wedge matches with support level $1.87, on 27 October price bounced back from here. The exit from this falling edge can help the ADA to reach a new ATH at $3.85. DYOR.