ADA is at risk of breaking key support and making fresh yearly lows

Although ADA has found solid support at the critical $0.84 level for the past few days, it has also failed to move higher. This consolidation will likely end with a big move soon.

• Major support levels: $0.84, $0.68
• Major Resistances: $1, $1.1

As seen in the chart below, after rejecting at the key $1 level last week, ADA fell quickly to retest $0.84. If buyers do not push the price higher soon, sellers can take the opportunity to break below the critical support and target the next major support at $0.68.

Daily ADA/USDT Chart | Source: TradingView

Technical indicators

Volume: Very low trading volume in the last two days. Keep a close eye on price action and volume on Monday as the new week begins. ADA could fall lower if fear persists in the market.

RSI: The daily RSI has made a higher low since hitting 30 but failed to make a higher high. This brings ADA to a pivotal moment.

MACD: The daily MACD is preparing for a bearish cross. In that case, ADA can drop to the next key support at $0.68.

Daily ADA/USDT Chart | Source: TradingView

perspectives

The current bias is neutral.

Short term prediction

ADA looks weak and sees no demand at current levels. Therefore, the $0.84 support is likely to be broken. The current crypto market sentiment is quite bearish, which could push ADA lower this week.

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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