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ADA Price Prediction: Prepares To Revisit All Time Low At $0.74 As Hovers Near Critical Support

ADA price remains on the edge as it trades near a vital support level on Thursday. ADA sustains $0.80 on the lower side as sellers make a comeback ignoring Wednesday’s upside momentum. Multiple support near the mentioned support zone makes it a crucial level to trade. A break above or below this level will dictate further price action in the asset.

  • ADA price continues to drift lower in the U.S session.
  • Expect more downside toward $0.74 if breaks below $0.80.
  • Momentum oscillators hold near the oversold zone with a bearish bias.

As of writing, ADA/USD is trading at $0.80, down 5.44% for the day.

ADA price awaits next catalyst

Source: Trading View

ADA price continues to fall after testing the highs of $1.64 on January 18, a 45% descent. However, after making the fresh lows on February 24 at $0.74 ADA price quickly recovered to reclaim the $0.80 mark.

Since then $0.80 acted as a vital support level as the price is managed to stay above for many weeks.

Continued selling pressure could breach the critical mark, which will initiate a fresh round of selling in the asset.

The immediate downside target can be located at $0.74. ADA price will crash further for fresh record low levels if downside momentum intensifies.

On the contrary, a bounce-back is expected if the ADA price sustains the session’s lows. Investors can test two upside filters. The first resistance hurdle is placed at a critical $0.90 level.

Next, the market participants will jump toward the 50-day EMA (Exponential Moving Average) at $1.01. As ADA price takes out $1.0 it will reverse the prevailing downtrend, and make a way toward $1.20.

Technical indicators:

RSI: The daily Relative Strength Index (RSI) slices below the average line with the current reading at 38.

MACD: The Moving Average Convergence hovers below the midline with a neutral bias.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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