ADA’s price has been getting closer and closer to the key support at $0.45. It looks like it will be decision time for the bulls sooner rather than later.
Key Support levels: $0.45, $0.38
Key Resistance levels: $0.55, $0.66
The last three daily candles closed in red, and now ADA’s price is dangerously close to the key support at $0.45. If this momentum does not change, then a test of this critical resistance is likely to take place. Buyers will have to defend it again.
The key resistance sits at $0.55, but it doesn’t seem likely for ADA to go near it soon.
Technical Indicators
Trading Volume: The volume continues to decrease, which may favor the bulls since the selling pressure does not seem strong at this time.
RSI: The daily RSI has failed to stay above 50 points and now is hovering in the low 40s. This is not encouraging for bulls.
MACD: The daily MACD remains bullish, but the momentum is simply not there based on the histogram.
Bias
The bias for ADA is neutral.
Short-Term Prediction for ADA Price
This price action suggests that market participants are preparing for their next move and a low volatility period is a precursor to that.
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Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/cardano-price-analysis-ada-nears-a-critical-support-huge-move-incoming/
