ADA price remains on the edge as it trades near a key support level on Thursday. ADA is holding $0.80 at the bottom as sellers make a comeback ignoring Wednesday’s upward 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 fall in the US session. Expect more downside towards $0.74 if it moves below $0.80. Momentum oscillators are holding the oversold zone with a bearish bias.
At the time of writing, ADA/USD is trading at $0.80, down 5.44% for the day.
ADA Price Awaits Next Catalyst
Source: Trade View
ADA price continues to fall after testing the highs of $1.64 on Jan. 18, down 45%. However, after making the new lows on Feb. 24 at $0.74, the ADA price quickly recovered to regain the $0.80 mark.
Since then, $0.80 has acted as a vital support level as the price remained above it for weeks.
Continued selling pressure could break the critical point, triggering another round of sales in the asset.
The immediate downward target can be found at $0.74. ADA price will crash further to new record lows as downward momentum builds.
Rather, a bounce-back is expected if the ADA price continues the session lows. Investors can test two upward filters. The first resistance hurdle is placed at a critical level of $0.90.
Next, the market participants will jump to the 50-day EMA (exponential moving average) at $1.01. As ADA price pulls away from $1.0, it will reverse the prevailing downtrend and make its way to $1.20.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is below the average line with the current reading at 38.
MACD: The moving average convergence floats below the centerline with a neutral bias.
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This post ADA Price Prediction: Prepares to visit all-time low at $0.74 as it nears critical support
was published first on https://coingape.com/markets/ada-price-prediction-prepares-to-revisit-all-time-low-at-0-74-as-hovers-near-critical-support/
