Chart by TradingView
ADA managed to hold well at the key support on June 18th, and since then, the price has rallied by over 20%.
Key Support levels: $0.45, $0.38
Key Resistance levels: $0.45, $0.55
ADA is again moving towards the key resistance at $0.55 after four successful tests of the key support at $0.45. Buyers came in strong at this level which turned the price action around. The last time ADA attempted to break the key resistance, it was quickly rejected there.
Trading Volume: The buying volume is somewhat sustained, and it has managed to push the price above the key support. If this continues, ADA could soon test the key resistance.
RSI: The daily RSI managed to make a higher low and is found at 45 points at the time of this post. To have more confidence in the price action, the RSI has to make a higher high as well.
MACD: The daily MACD remains bearish, but a bullish crossover appears imminent if this buy volume is maintained. That could turn the price action bullish if confirmed.
The bias for ADA is neutral. A clean break of support or resistance is needed to change this bias.
ADA is on a path to test the key resistance at $0.55. If momentum picks up as the cryptocurrency’s price increases, then it could attempt a breakout and rally further to the next challenge at $0.66. For this to happen, the overall market has to enter a relief rally as otherwise, ADA may be stuck in its current range for a longer period of time.
