Over the past week, ADA has lost momentum and is now risking an uptrend.
Key Support Levels: $0.45, $0.38
Key Resistance Levels: $0.55, $0.66
Despite a good show of strength by the bulls in mid-July, confidence quickly evaporated as soon as the price reached the key resistance level at $0.55. It appears that the bears are in control of the price action and may halt the uptrend that has been established since early July. If successful, they could push ADA back towards the $0.45 support level.
technical indicators
trading volume: Selling volume increased over the weekend, and price action reacted quickly.
RSI: Daily RSI is declining towards 50 points. If the RSI manages to find support near this area, buyers still have a chance to reverse this correction.
MACD: The daily MACD remains bullish, but the histogram is already forming lower highs indicating that buying momentum is declining. Buyers must return to ADA soon, or else the bears will punish them.
Partiality
As long as ADA remains in this flat trend, the bias is neutral.
Short term prediction for ADA price
Although the bulls made a good effort to take ADA price above the key $0.55 resistance level, they failed to move further. Now, the price is correcting lower, and the bears are likely to capitalize on this opportunity to test key support again. Cardano is still within the same price range set in May and has failed to break out to date.
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Cryptocurrency charts by TradingView.