Chart by TradingView
ADA lost a critical support level which was defended five times in the past, but now bears took control.
Key Support levels: $0.38
Key Resistance levels: $0.45, $0.50, $0.55
The breakdown of the key support-turned-resistance at $0.45 places ADA on a collision course, with the next support level being at $0.38. The pressure from sellers was too much, and now the price has resumed its path on the broader downtrend.
Trading Volume: The volume spiked as the price fell today – this is bearish and shows sellers have control of the price action.
RSI: The daily RSI is falling towards 30 points and has made a lower low. This places ADA in a bearish trend.
MACD: The daily MACD did a bearish cross yesterday, and this only intensified in momentum today.
The bias for ADA is bearish considering the latest price action.
With bears in full control of the price action, ADA is looking more probable to test the key support at $0.38 before any hope of a reversal can appear.
