After Another Rejection at $0.55 is ADA In Danger of Crashing Lower? (Cardano Price Analysis) – CryptoPotato
Despite a strong attempt by ADA to break free from the key resistance, the bears rejected the price, which did a pullback.
Key Support levels: $0.45, $0.38
Key Resistance levels: $0.55, $0.66
Cardano has flirted with the key resistance at $0.55 three times in July, and each attempt was firmly defended by the sellers. The latest attempt on July 30th also failed to produce a breakout, and now the price is on its way to test the key support at $0.45.
Trading Volume: The volume was flat over the past three days, and the selling momentum appears to be fading. Bears lack conviction which could be interpreted as bullish.
RSI: The daily RSI has dropped to 50 points. So far, the buyers managed to stop this downtrend, and the RSI has found support at this key mid-point area.
MACD: The daily MACD is quickly losing its bullish momentum, but a bearish cross is still some days ahead. Until that happens, there is still hope for buyers to reverse the price action.
The bias for ADA is neutral.
Even though ADA’s price could not break above the key resistance at $0.55, the sellers don’t appear too committed, which could flip the bias back to bullish. Nevertheless, a re-test of the key support at $0.45 cannot be dismissed based on the current price action.
Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter
via Inferse.com https://www.inferse.com
August 4, 2022 at 01:54AM