ADA price consolidates near support levels with no signs of reversal. ADA opened lower but quickly move back to the session’s high. However, the altcoin failed to capitalize on the intraday gains as it slipped back into the negative zone.
- ADA price trades with modest gains after recent consolidation.
- A breakdown of the support level could test the sub $0.70 level.
- ADA is in a long-term downside trend since September 2.
As of press time, ADA/USD is trading at $0.78, down 0.75% for the day. The eighth-largest cryptocurrency by market cap holds 24-hour trading volume at $939,667,799 with a rise of 47%. A decline in price accompanied by higher volumes is a bearish sign.
ADA price consolidates near support levels
On the 1-hour chart, the ADA price is moving sideways in a short-term trading range of $0.82 and $0.70. On March 9, the price attempted to break the trading range but failed to move beyond the greater resistance placed at $0.85.
ADA price is sitting in extremely oversold conditions but still, there is no sign of revival as can be seen with growing volumes with every decline.
If the price fails to sustain the session’s low then it could further crash toward all-time lows of $0.74 made in February. Further, if selling pressure mounts it could test a fresh record low toward $0.68.
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On the other hand, a bullish impulse could arise as the price is approaching a vital support level. In that case, an immediate bounce back toward the 50-day EMA (Exponential Moving Average) at $0.79 can not be ruled out.
In addition to that, an extended buying pressure will next call out for March 14 high at $0.81.
Technical indicators:
RSI: The daily Relative Strength Index reads at 34 as it approaches the oversold zone.
MACD: The Moving Average Convergence slips below the midline with advancing bearish momentum.
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