ADA price depicts a selling pressure as it could not move beyond the recent swing highs. Further, the highs form a ‘double top’ formation, a bearish formation.
- ADA price edges lower as fails to maintain the upside momentum.
- A break below the ascending trend line would set a further bearish sentiment.
- The 50-day EMA capped the upside gains on the daily chart.
ADA price moves sideways
On the daily chart, the ADA price faces the rejection toward the descending trend line from the highs of $1.64. Further, after forming a reliable support zone around $0.80 and $0.78, the price surged 23% to test the highs of $1.19. This also marked the breach of the bearish slopping line. But the ADA buyers lack the conviction to carry forward the gains resulting in the consolidation in the prices. Finally, the price gave up all the gains starting on April 5 with a total descent of 15% so far.
Now, the ADA price sliced the critical 50-day EMA (Exponential Moving Average) at $1.05. This, tells the presence of the selling force in the asset.
On moving lower ADA price could slice the supply zone extending from $0.90 and $0.80.
On the contrary, a recovery above the 50-day EMA with a spike in buy orders would suggest a lack of selling interest. The first upside hurdle was located at $1.10 followed by the highs of April 4 at $1.24.
As of publication time, ADA/USD exchange hands at $1.03, up 0.35% for the day. The 24-hour trading volume as per the CoinMarketCap holds at $955,507,579.
RSI: The daily Relative Strength Index reads at 45 with a neutral bias. Any downtick in the indicator would strengthen the bearish outlook.
MACD: The Moving Average Convergence Divergence indicates the advancement of the bearish sentiment.
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.