ADA price remains range-bound with no meaningful action on Weekends. The coin tested near $0.75 multiple times since the beginning of the week. In between, the buyers lookup for some gains on Wednesday, but wiped all the very next day as $0.90 remains a challenge.
- ADA price stabilizes near vital support areas with a hint towards accumulation.
- The price is expected to glide inside the short-term range of $0.75 and $1.0.
- A double-bottom structure would lend support to the coin on a higher probability.
ADA price challenges support zone
On the daily chart, the ADA price remains pressured below the descending trend line from the highs of $1.24 made on April 4. Since then, the price depreciated nearly 40% to the swing lows of $0.75. The falling volume profile with the slide in price relative to the spike near the support level suggests the sellers could not see more downside from here on at least a bounce is what they looking for. In addition to that, the asset is running under the classic falling wedge pattern, which might lead to upside momentum.
A fresh buying momentum would unleash the 50-day ema (Exponential Moving Average) at $0.93 followed by the psychological $1.0 level.
The relative strength index (RSI) stays above the average line even though the price experienced a decline since May 3. Any upside momentum would advocates for a higher price. Currently, it reads at $40.
The volume oscillator is trading at a 24.92 level, which instructs that the short-term volume trend is higher than the long-term volume trend.
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On invalidation of the bullish hypothesis, the price would slice the mentioned support zone with above-average volume. In that case, a new record low would be set for ADA.
As of press time, ADA/USD trades at $0.77, down 0.70% for the day. The eighth-largest cryptocurrency by the market cap holds the 24-hour trading volume at $1,169,551,055, according to Coinmarketcap.
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