September 24, 2022


Despite ADA’s strong attempt to break free from key resistance, the bears rejected the price, which made a pullback.

Key support levels: $0.45, $0.38

Key resistance levels: $0.55, $0.66

Cardano has flirted with key resistance at $0.55 three times in July, and each attempt has been firmly defended by sellers. The last attempt on July 30 also failed to establish a clear and now the price is on its way to test the key support at $0.45.

ADAUSDT_2022-08-03_12-33-36
Chart by TradingView

Technical indicators

Trading volume: Volume has been flat over the past three days and selling momentum appears to be weakening. Bears have no conviction that could be interpreted as bullish.

RSI: The daily RSI has fallen to 50 points. So far, buyers have been able to stop this downtrend and the RSI has found support in this key midpoint area.

MACD: The daily MACD indicator is quickly losing its bullish momentum, but a bearish crossover is still a few days ahead. Until that happens, there is still hope for buyers to reverse the price action.

ADAUSDT_2022-08-03_12-33-24
Chart by TradingView

Prejudice

Prejudice for the ADA is neutral.

Short term forecast for ADA price

Although the price of ADA could not break the key resistance at $0.55, sellers do not seem too committed, which could reverse the bias to the upside. However, a retest of the key support at $0.45 cannot be ruled out based on the current price action.

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Cryptocurrency Charts from TradingView.



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