Despite a strong attempt by ADA to break free from key resistance, the bears rejected the price, which led to a pullback.
Key Support Levels: $0.45, $0.38
Key Resistance Levels: $0.55, $0.66
Cardano flirted with the key $0.55 resistance three times in July, and each attempt was strongly defended by sellers. The latest attempt on July 30 also failed to generate a breakout, and the price is now on its way to test the key support at $0.45.
technical indicators
trading volume: Volume was flat over the past three days, and sales momentum was fading. Bears lack conviction which can be interpreted as bullish.
RSI: The daily RSI is down to the 50 mark. So far, buyers have managed to stop this downtrend, and the RSI has found support in this key mid-point area.
MACD: The daily MACD is losing momentum, but a bearish crossover is still a few days ahead. Until that happens, there is still hope for buyers to reverse the price action.
Partiality
The bias for the ADA is neutral.
Short term prediction for ADA price
Sellers do not appear to be very committed even though ADA price cannot break above the key $0.55 resistance, which could turn the bias back towards the upside. Nevertheless, a retest of the key $0.45 support level cannot be ruled out based on the current price action.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.
Disclaimer: The information found on Cryptopotato is that of the cited authors. It does not represent the opinion of Cryptopotato whether to buy, sell or hold any investment. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.
Cryptocurrency charts by TradingView.