Outside Source
ADA returned on the critical support at $0.45. Buyers have to show strength again or risk a costly defeat.
Key Support levels: $0.45, $0.38
Key Resistance levels: $0.50, $0.55, $0.66
Every time the price tests a key level, the chance of it breaking increases. ADA’s price has now tested the key support at $0.45 six times, and a breakdown becomes more likely every time this happens. Should it fail, the cryptocurrency will find support at $0.38. The resistance at $0.50 held strong, and bulls had no momentum to break it.
Technical Indicators
Trading Volume: The volume continues to decrease. This shows weakness, and buyers appear to struggle at this time.
RSI: The daily RSI failed to move above 50 points and is falling. If it makes a lower low, then the price will likely also fall under $0.45.
MACD: The daily MACD remains bullish, but the histogram is falling. A bearish cross is likely if the key support falls.
Bias
The bias for ADA is neutral.
Short-Term Prediction for ADA Price
As long as buyers manage to hold ADA at $0.45, the bias remains neutral since the price is stuck in a flat trend. A break below this key level will turn the bias bearish, and a test of $0.38 becomes more likely. The current momentum favors the bears, but they need to break the key support to confirm this.
This article first appeared at CryptoPotato
