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Key Support levels: $0.58
Key Resistance levels: $0.75
It’s shaping up to be another difficult day for ADA holders with sellers taking no break. The critical support at $0.75 has now turned into resistance after bulls were unable to defend this important level, with prices crashing over 10% over the past 24 hours.
The next level of support is found at $0.58, and ADA looks very weak at the time of this post.
Chart by TradingView
Technical Indicators
Trading Volume: The volume is increasing, and this is the fifth daily candle in red for ADA. This confirms a strong ongoing bearish momentum.
RSI: The daily RSI is one point away from entering the oversold area at under 30 points.
MACD: The daily MACD remains firmly on the bearish side, with the histogram expanding lower as the selling volume increases.
Chart by TradingView
Bias
The bias for ADA is bearish.
Short-Term Prediction for ADA Price
ADA has entered a very difficult stage in the bear market. The existing support levels until 40 cents are weak and don’t give much confidence for a reversal. The loss of the $0.75 level is a major defeat as sellers continue having the upper hand.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.