Chart by TradingView
ADA’s price has been getting closer and closer to the key support at $0.45. It looks like it will be decision time for the bulls sooner rather than later.
Key Support levels: $0.45, $0.38
Key Resistance levels: $0.55, $0.66
The last three daily candles closed in red, and now ADA’s price is dangerously close to the key support at $0.45. If this momentum does not change, then a test of this critical resistance is likely to take place. Buyers will have to defend it again.
The key resistance sits at $0.55, but it doesn’t seem likely for ADA to go near it soon.
Trading Volume: The volume continues to decrease, which may favor the bulls since the selling pressure does not seem strong at this time.
RSI: The daily RSI has failed to stay above 50 points and now is hovering in the low 40s. This is not encouraging for bulls.
MACD: The daily MACD remains bullish, but the momentum is simply not there based on the histogram.
The bias for ADA is neutral.
This price action suggests that market participants are preparing for their next move and a low volatility period is a precursor to that.
