ADA has declined over the weekend to retest its previous lows recorded in early May. Cardano’s native coin is now at a turning point.
Key Support Level: $0.39
Key Resistance Levels: $0.50, $0.60
Following the ongoing negative sentiment, ADA failed to halt the downtrend as the bears pushed the price near the next key support near $0.39. On the other hand, the first major resistance is found at $0.50, and if this level is reclaimed, there will be a potential reversal.
technical indicators
trading volume: Yesterday, the daily candle closed in green and gave some hope that ADA may see a local bottom. However, till date, there was no continuation, and all eyes are now on Monday.
RSI: The daily RSI is flat and hovers just above the oversold area of the 30 mark. The bias is bearish as long as it cannot break above the 50 mark.
MACD: Daily MACD is bullish and this is the only indicator spreading some optimism that the worst is probably behind us and ADA may recover from these levels.
Partiality
The bias for ADA is bearish. This bias should be reconsidered if the price moves above $0.50.
short term prediction for ADA price
The ADA is in a challenging position, a level not seen since February 2021. If demand does not return to the market soon, the outlook remains bearish, and ADA could be very short.
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