ADA’s general outlook remains bullish on the mid-term, but the latest correction has brought a notable reduction in the past weeks. It bounced a bit but is now trading calmly after rejecting a key psychological level.
The ongoing price correction is still much more in play on the day but it will likely end soon as the bulls continue to react strongly to the price.
Taking a short recovery from last week’s crash, ADA initiated another drop and broke down to a month low this week. While the latest decline indicates a continuation of the correctional phase, it recovered briefly on Friday but failed to push above the psychological $1 level yesterday.
This rejection led to a little price reduction overnight and is now losing momentum again on the daily scale as it faces a minor support level. A continuous breakdown in the price could trigger more losses next week.
However, if the bulls regroup well to defend the recent weekly low, the crypto could recover strongly above the psychological level to signal a fresh buying phase capable of skyrocketing the price to a new high.
Currently, pressure appears low as there’s not much buying volume in the market. But looking at the daily chart, the volume indicator is still in a downward range. A steady rise in the daily volume could bring fresh money into the market, resulting in a notable price increase.
ADA’s Key Levels to Watch
Source: Tradingview
Facing a minor support level of $0.875, the next support level to watch for a drop is $0.765, tested on Friday. A crackdown there could dip the price to $0.69, $0.6 and $0.522 respectively.
Retaking $1, the immediate resistance level for the bulls would be $1.18 and $1.32. A surge through these levels could rally the price to $1.5 and $1.7.
- Key Resistance Levels: $1.18, $1.32, $1.5
- Key Support Levels: $0.875, $0.765, $0.69
- Price: $0.9
- 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.
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