ADA Tumbles by 4% Daily, Should Bulls be Worried? (ADA Price Analysis)

2023-06-26 09:56:56

After a significant push higher, buyers are taking a break as the bullish momentum stalls.

Key Support levels: $0.28

Key Resistance levels: $0.32, $0.35

ADA has reconfirmed the 28 cents as key support after buyers failed to take the price higher. This is a normal pullback considering the rapid increase in the price from a week earlier.

To sustain the bullish bias, Cardano has to hold here, otherwise, sellers may take control of the price action again.

Chart by TradingView**Trading Volume:**The volume has decreased over the weekend, and market participants don’t seem too interested in making any decisive moves at this time.

RSI: The daily RSI failed to reach 50 points and is curving down. If it reminds under this level, bears could return.

MACD: While the daily MACD is bullish, the histogram is turning flat. If buyers don’t return soon, the MACD could start to fall.

Chart by TradingView## Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

ADA is likely to continue holding at the key support before a major move follows. If buyers manage to return in force, then the next key level of resistance is found at 32 cents.

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