ADA failed to maintain its position above 40 cents and in the last few days, bears took control.
Key Support levels: $0.38, $0.35
Key Resistance levels: $0.40, $0.44
As the buying momentum subsided, ADA dropped back to its critical support at 38 cents, and it might prove challenging for the bulls to protect this crucial level as there is minimal interest from market participants.
The resistance is at 40 cents, and it rejected ADA’s attempted breakout last week. Moreover, the price has also formed a bearish head and shoulders top pattern.
Trading Volume: The volume has been consistently decreasing over the last few days, and a change is required if ADA is to hold its key support.
RSI: The daily RSI went below 50 points and made a lower high in the process.
MACD: The daily MACD is bearish, and its histogram is indicating lower lows. The MACD moving averages are also expanding downwards, which implies that the momentum is currently favoring sellers.
The current bias for ADA is bearish.
Short-Term Prediction for ADA Price
It is crucial for buyers to defend the support at 38 cents as failing to do so could lead to ADA finding support at 35 cents next.