With volatility decreasing, buyers may soon have the opportunity to stop the downtrend.
Main levels of support: $0.24
Key Resistance Levels: $0.29
The weekly price of ADA shows a loss of 7%. However, sellers seem to have lost interest since the June 10 crash and failed to bring the price down. With good support at 24 cents, the bulls may have the opportunity to push ADA higher in the coming days.
Trading volume: The volume has dropped in recent days. It looks like the sellers don’t have the strength to continue the downtrend right now. This gives the opportunity for a reversal.
IRS: The daily RSI has been in the oversold zone of less than 30 points since June 9th. Although this is bearish, it could also mean that ADA may soon leave this area to attempt a breakout.
MACD: The daily MACD is bearish, but the histogram is making higher lows. If this continues, a reversal seems likely.
The bias for ADA is bearish.
Short term prediction for ADA price
ADA is in desperate need of a relief rally which has been delayed for several days after its sharp drop last week. This exhaustion from the sellers may soon turn into an opportunity for the bulls to take the price to the key resistance at 29 cents.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.
Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.