Author:
ADA lost the support at $0.50, and, unfortunately for the bulls, this means that lower targets are now in play.
Key Support levels: $0.39
Key Resistance levels: $0.50, $0.60
Today turned into a painful day in crypto, with most of the market taking a beating. ADA was no exception after losing the support at $0.50, which is now acting as resistance. The next critical support is found at $0.39, but ADA, there might be some hope for a reversal before that, should the momentum improve.
Technical Indicators
Trading Volume: ADA’s price lost the support at $0.50 on decreasing volume. This is rather surprising and shows that there are almost no buyers in the current market. Whoever is selling may be derisking.
RSI: The daily RSI is curving back down after barely escaping the oversold area. If the bearish momentum continues, the RSI could fall back again to under 30 points.
MACD: The daily MACD gives a bearish signal with a lower high on the histogram today. Buyers need to come soon, otherwise, the stage is set for lower lows.
Bias
The bias for ADA is bearish considering this price action.
Short-Term Prediction for ADA Price
ADA’s 2018 high was at $0.39. If this level fails to stop the current downtrend, then the cryptocurrency could be in big trouble because the next level of support below that is found at $0.17. A correction of 95% in a bear market is not uncommon for altcoins, therefore, it might be a good idea to prepare for the worst while hoping for the best.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.