ADA is facing a crucial resistance after a weekly gain of 7%

ADA tried to break the $1 mark yesterday but failed. If momentum returns, the bulls will make another move.

• Key Support: $0.85
• Major resistances: $1, $1.1

ADA seems to be consolidating in a tight range between the $1 resistance and the $0.85 support. While indicators are turning bullish, the price action lacks momentum to propel the cryptocurrency higher at the time of writing. However, buyers could soon try to break the $1 mark again.

Daily ADA/USDT Chart | Source: TradingView

Technical indicators

Trading Volume: Volume remains stable but does not appear to be enough to push ADA above $1 at press time.

RSI: The daily RSI failed to break above 50 and if ADA price does not break above $1, the RSI will confirm a lower high and potentially result in a stronger pullback.

MACD: The daily MACD has formed a bullish cross and is sloping up. This is encouraging and speaks for the continuation of the rally.

Daily ADA/USDT Chart | Source: TradingView

perspectives

The current bias is neutral. ADA doesn’t seem to be able to move out of its current range.

Short term prediction

Although MACD shows ADA ready to move above $1, price action and volume are not giving the same signal. ADA can also hold out for a while before the crucial move occurs.

You can see the ADA prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

SN_Nour

According to Cryptopotato

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