The post Altcoin Rally Fading Away! Will Bulls Hold The ADA Price Above Its Crucial Level? appeared first on Coinpedia Fintech News
Top altcoins continue to record significant price volatility over the past week, highlighting a mixed sentiment in the market. Further, ADA price has lost over 3% within 24 hours and 13% during the past week, indicating a bearish influence in the crypto space.
The ADA coin price traded in a closed range between $0.5817 and $0.6273 for about a week, following which the bulls lost momentum and the altcoin broke down its support level. After this, the price traded sideways for a short period and displayed another drop of over 20% in valuation during the next six days.
TradingView: ADA/USDT
After testing its low of $0.4610, the bulls gained enough momentum to break out of the resistance level, but faced restriction at $0.5438, following which the price traded within the range for a while.
As the market regained momentum, the ADA coin jumped over 25% in valuation. After facing rejection at $0.6273, the ADA price traded in a closed range between $0.5001 and $0.5438 for a brief period.
Recently, the token faced another bearish move, resulting in it breaking down its support level of $0.5001. Currently, the ADA coin price is testing its crucial support level of $0.4610, of which the outcome is unpredictable.
Will ADA Go Up?
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a rise in the bullish influence in the market. Further, the averages show a high possibility of a bullish convergence, suggesting the price will experience massive price action soon.
If the bulls hold the price above the support level of $0.4610, the ADA price will test its resistance level of $0.5001. Maintaining the price at that level will set the stage for the CardanoADA price to attempt to test its upper resistance level of $0.5438.
Conversely, if the market loses momentum, the Cardano price will fall and test its support level of $0.4162 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.3792 in the coming time.