ADA (June 6) is at critical support after a volatile week

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2022-06-08 22:21:12

During the last week, ADA was the best performer. By the end of the week, however, the price gains had completely disappeared. Currently, the price of ADA is 81% below the peak of $3.09 that was set 9 months ago.

Main Support Price: 0.5 – 0.55 USD

Key resistance level: 0.64 USD

During the beginning of last week, the price of ADA increased by more than 50%. However, the price was reversed when a test of the $0.65 resistance price level failed. The price of ADA is still hovering around the $0.55 price level. If this price breaks down, it is highly likely that ADA will form support at $0.50.

At the beginning of last week, the technical indicators were relatively positive for this coin when there was a large trading volume, but now the trading volume has started to decrease again. The quantity demanded seems to have disappeared.

After the strong rally, the daily RSI also fell briefly below 40. If the overall market recovers, ADA will be able to break through the resistance at $0.64.

Currently, the daily MACD is still rising, however its histogram is forming lower impulses. This proved, the bulls have lost some momentum over the past few days.

Daily ADA/USDT Chart

The bias on ADA remains neutral, as ADA must break out of key resistance to turn to a near-term uptrend.

If ADA can hold the support at 0.55, it will likely return to the resistance at $0.64 or break out further. If the test fails, it is very likely that ADA will return to the support price of 0.5 USD, which will put the coin in danger in future drops.

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