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What’s the Next Support for ADA if $0.45 Fails?


ADA returned on the critical support at $0.45. Buyers have to show strength again or risk a costly defeat.

Key Support levels: $0.45, $0.38 

Key Resistance levels: $0.50, $0.55, $0.66

Every time the price tests a key level, the chance of it breaking increases. ADA’s price has now tested the key support at $0.45 six times, and a breakdown becomes more likely every time this happens. Should it fail, the cryptocurrency will find support at $0.38. The resistance at $0.50 held strong, and bulls had no momentum to break it.

ADAUSDT_2022-07-11_12-00-40
Chart by TradingView

Technical Indicators

Trading Volume: The volume continues to decrease. This shows weakness, and buyers appear to struggle at this time.

RSI: The daily RSI failed to move above 50 points and is falling. If it makes a lower low, then the price will likely also fall under $0.45.

MACD: The daily MACD remains bullish, but the histogram is falling. A bearish cross is likely if the key support falls.

ADAUSDT_2022-07-11_12-01-01
Chart by TradingView

 

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

As long as buyers manage to hold ADA at $0.45, the bias remains neutral since the price is stuck in a flat trend. A break below this key level will turn the bias bearish, and a test of $0.38 becomes more likely. The current momentum favors the bears, but they need to break the key support to confirm this.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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