ADA turned bearish this week as sellers took over the price action.
Key Support levels: $0.73, $0.65
Key Resistance levels: $0.90
1. Market Crash Pushes ADA Lower
The market-wide crash on Monday pushed ADA to 50 cents for a brief period which surprised many. This only confirmed the bearish trend that started a few days earlier when the support at 90 cents was lost. This level is now acting as a key resistance.
2. Support Levels Under Pressure
With buyers missing, the support levels will likely be put under test soon. The most likely level to stop this downtrend is found at 65 cents. That support has to hold if ADA is to attempt a recovery later. The alternative is a quick drop towards 50 cents as on Monday.
3. Weekly Bearish Cross is a Red Flag
Even the most optimistic bulls are currently concerned with the bearish cross on the weekly MACD. This is a major signal that ADA’s bullish momentum is over and sellers could dominate going forward for quite a while. If this weekly candle closes in red, then sellers will have confirmation that they took over the price action.
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