ADA is back on the 64 cents support. Will it hold?
Key Support levels: $0.64, $0.45
Key Resistance levels: $0.90, $1.3
1. Buyers on the Defensive
After a failed attempt to break the resistance at 90 cents, ADA is back on the 64 cents support. Buyers must do everything possible to defend this level because failing to do so would open the way for sellers to take this cryptocurrency towards 50 cents like in April.
2. Low Interest from Market Participants
The volume in the past few weeks has been low, yet sellers still managed to come on top. While the price is found in a downtrend, this has been dragging and lacked momentum which gives hope that buyers could take back control at the 64 cent support.
3. Bearish Trend on Higher Timeframes
The weekly MACD shows a bearish trend with the histogram on the negative side. The moving averages are also falling and they have been accelerating lately. If buyers don’t return at the key support, then this momentum can easily take ADA to 50 cents.
