[ad_1]
Cardano failed to rally higher after losing momentum, and now the bears appear in control. Will the key support hold?
Key Support levels: $0.38, $0.33
Key Resistance levels: $0.42, $0.50
Buyers lost control of the price action after they failed to break the key resistance at $0.42. Since then, ADA has tumbled and found good support at $0.38. It is critical for the cryptocurrency to hold above this support, as a breakdown may put the bears back in charge.
Technical Indicators
Trading Volume: The volume has been declining since ADA was rejected at the key resistance. However, it could return if buyers stay firm and don’t allow the price to fall under $0.38.
RSI: The daily RSI has managed to hold close to the mid-point at 50. This gives hope that buyers could return once more.
MACD: The daily MACD remains bullish but has lost momentum. So long as the key support holds, Cardano can still rally.
Bias
The bias for ADA is neutral. Until one of the key levels is broken, the bias will not change.
Short-Term Prediction for ADA Price
Bulls lacked the strength to take the price higher. Thus, their main task now is to defend ADA from falling lower. The key resistance may not be tested any time soon as the priority is to hold the price above $0.38. Should this be successful, then this cryptocurrency may rally again.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
[ad_2]
Source link