Outside Source
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.
Technical Indicators
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.
Bias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
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.
This article first appeared at CryptoPotato
