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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.
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.
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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