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As volatility decreases, buyers might soon find a chance to halt the downward trend.
Key Support levels: $0.24
Key Resistance levels: $0.29
The weekly price for ADA indicates a 7% decline. Nevertheless, sellers seem to have lost their momentum since the drop on June 10th and have not succeeded in pushing the price lower. With solid support at 24 cents, bulls may have a chance to elevate ADA in the upcoming days.
Chart by TradingView
Trading Volume: The trading volume has plummeted in recent days. It seems that sellers currently lack the power to maintain the downtrend. This situation presents a potential for a reversal.
RSI: The daily RSI has been in the oversold region of below 30 points since June 9th. While this is indicative of bearish conditions, it may also suggest that ADA could soon exit this zone to attempt a breakout.
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MACD: The daily MACD remains bearish, yet the histogram is showing higher lows. If this trend continues, a reversal seems probable.
Chart by TradingView
Bias
The prevailing bias for ADA is bearish.
Short-Term Prediction for ADA Price
ADA is in urgent need of a relief rally that has been postponed for several days following its steep decline last week. This waning pressure from sellers could soon present an opportunity for bulls to drive the price towards the key resistance at 29 cents.
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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.
