While few altcoins are still posting gains today, many have resumed bearish after undergoing a three-week retracement. ADA joined the party and is now posting minor losses on the daily scale.
The past three weeks’ trading has subjected ADA to a consolidation phase due to a serious contraction. But things are now getting heated up from the bears’ side following a notable loss in the last 24 hours.
While the bearish party is likely to continue, more selling pressure can be expected with bigger losses in the coming days. Retaking the monthly low is a key target for the bears. If they do this week, we can expect a key breakdown capable of expanding bearishness in the coming month.
If that occurs, ADA may plunge to as low as $0.37 – a key level where the price surged through during last November’s rally. A rebound should be expected once the price tests the mentioned low. Losing that month’s low would mark the start of a long-term bearish move.
For now, there’s still hope for a bullish move, even in the face of the dip. If the bulls manage to defend the recent yearly low well, we can anticipate an increase capable of restoring bullish actions. That could trigger a rally to a new high. But looking at the latest setup from a technical perspective, the bears are expected to gain more control soon.
ADA’s Key Levels to Watch
Source: Tradingview
In the latest fall, ADA is eyeing $0.65. A successful pull below this level could bring a retest at the $0.58 and $0.5 levels before plunging heavily to the mentioned low.
While there’s no sign of bulls in the market at the moment, the higher resistance level to watch for buying would be $0.913 and $1.175, aside from the recent weekly high of $0.776.
Key Resistance Levels: $0.776, $0.913, $1.175
Key Support Levels: $0.65, $0.58, $0.5
- Price: $0.7
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
