ADA could retest the $ 1 support in the next few days
The first week of 2022 has proven to be one of the most bearish weeks of the year for crypto. Just like general sentiment, ADA was unable to resist the downtrend and is slowly falling towards the $ 1 mark.
- Major support levels: $ 1, $ 0.8
- Key Resistors: $ 1.2, $ 1.5
The USD 1.2 support level did not stop selling pressures during the recent decline. ADA closed the day candle below yesterday and has now moved into the first major resistance. On the flip side, the next support is currently at USD 1 and it appears ADA is ready to retest this important price zone.
Daily ADA / USDT Chart | Source: TradingView
Technical indicators
Volume: When the volume was low, it broke below $ 1.2, likely because it happened over the weekend. It shows the seller’s lack of trust and needs to be re-evaluated on Monday.
RSI: The daily RSI is back below 50 and falling lower. The short-term bias is clearly bearish, but the RSI has yet to hit the oversold area, which is 37 at the time of this writing.
MACD: The MACD has formed a bearish cross and is falling. Support the continuation of the downtrend.
Daily ADA / USDT Chart | Source: TradingView
Perspectives
Price action and technical indicators suggest that ADA will resume its short-term downtrend. If so, it could retest the critical support at USD 1 in the next few days.
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ADA could retest the $ 1 support in the next few days
The first week of 2022 has proven to be one of the most bearish weeks of the year for crypto. Just like general sentiment, ADA was unable to resist the downtrend and is slowly falling towards the $ 1 mark.
- Major support levels: $ 1, $ 0.8
- Key Resistors: $ 1.2, $ 1.5
The USD 1.2 support level did not stop selling pressures during the recent decline. ADA closed the day candle below yesterday and has now moved into the first major resistance. On the flip side, the next support is currently at USD 1 and it appears ADA is ready to retest this important price zone.
Daily ADA / USDT Chart | Source: TradingView
Technical indicators
Volume: When the volume was low, it broke below $ 1.2, likely because it happened over the weekend. It shows the seller’s lack of trust and needs to be re-evaluated on Monday.
RSI: The daily RSI is back below 50 and falling lower. The short-term bias is clearly bearish, but the RSI has yet to hit the oversold area, which is 37 at the time of this writing.
MACD: The MACD has formed a bearish cross and is falling. Support the continuation of the downtrend.
Daily ADA / USDT Chart | Source: TradingView
Perspectives
Price action and technical indicators suggest that ADA will resume its short-term downtrend. If so, it could retest the critical support at USD 1 in the next few days.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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