ADA lost the support at $0.50, and, unfortunately for the bulls, this means that lower targets are now in play.
Key Support levels: $0.39
Key Resistance levels: $0.50, $0.60
Today turned into a painful day in crypto, with most of the market taking a beating. ADA was no exception after losing the support at $0.50, which is now acting as resistance. The next critical support is found at $0.39, but ADA, there might be some hope for a reversal before that, should the momentum improve.
Trading Volume: ADA’s price lost the support at $0.50 on decreasing volume. This is rather surprising and shows that there are almost no buyers in the current market. Whoever is selling may be derisking.
RSI: The daily RSI is curving back down after barely escaping the oversold area. If the bearish momentum continues, the RSI could fall back again to under 30 points.
MACD: The daily MACD gives a bearish signal with a lower high on the histogram today. Buyers need to come soon, otherwise, the stage is set for lower lows.
The bias for ADA is bearish considering this price action.
Short-Term Prediction for ADA Price
ADA’s 2018 high was at $0.39. If this level fails to stop the current downtrend, then the cryptocurrency could be in big trouble because the next level of support below that is found at $0.17. A correction of 95% in a bear market is not uncommon for altcoins, therefore, it might be a good idea to prepare for the worst while hoping for the best.