Chart by TradingView
ADA is in a difficult place with its price trading inches above a critical support. Losing that level could spell big trouble for the cryptocurrency.
Key Support levels: $0.43, $0.38
Key Resistance levels: $0.50, $0.56
Buyers managed to save ADA to date and protect the key support at $0.43. However, the price has failed to move away from this critical level, making a retest very likely. If sellers continue to put pressure, then ADA could fall lower. The resistance remains at $0.50.
Trading Volume: The volume has been declining, and buyers appear weak at this time. ADA is at a critical moment.
RSI: The daily RSI is flat and under 50 points. This may turn out to be bearish if bulls fail to step up.
MACD: The daily MACD remains bearish. To date, buyers have not managed to bring sufficient volume to create a bullish cross, even if it appears close.
The bias for ADA is bearish.
The price action does not inspire confidence, and ADA may fall to the next level of defense at $0.38. This would turn the current support at $0.43 into resistance and push Cardano into a sustained downtrend.
