Author:
ADA is moving higher as it aims for 90 cents next. Will it succeed?
Key Support levels: $0.64, $0.45
Key Resistance levels: $0.90, $1.3
1. Buyers Hesitate
Even if ADA managed to secure the 64 cents level as support, the current price action is showing some hesitation. The buying volume remains low and this can be seen by the diminishing volatility in today’s candle. If the cryptocurrency is to test the resistance at 90 cents, buyers will have to show more conviction.
2. Higher Low Reversal
Since this cryptocurrency made a higher low on the weekly timeframe, the price action turned bullish. This allowed ADA to confirm the 64 cents level as support and give hope that ADA can return to $1 in the future. The current uptrend is encouraging, but momentum has to increase in the future to sustain it.
3. Volume Remains in Decline
Even if ADA did well in the past week, the volume paints a different picture. It is making lower highs which can be interpreted as a bearish divergence when compared to the price. Hopefully, a higher valuation will attract more buyers that can change this and boost the volume higher to confirm a sustained uptrend.
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
