ADA price is consolidating near support levels with no signs of reversal. ADA opened lower but quickly returned to the session high. However, the altcoin failed to capitalize on intraday gains as it slipped back into the negative zone.
ADA price is trading with modest gains after recent consolidation. A breakdown of the support level could test the below USD 0.70 level. ADA has been in a long-term downtrend since September 2.
At press time, ADA/USD is trading at $0.78, down 0.75% for the day. The seventh largest cryptocurrency by market capitalization has a 24-hour trading volume at $939,667,799 with an increase of 47%. A price drop accompanied by higher volumes is a bearish sign.
ADA Price Consolidating Near Support Levels
Source: Trade View
On the 1 hour chart, 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 get past the larger resistance at $0.85.
The ADA price is in extremely oversold conditions, yet there is no sign of a rebound, as shown by growing volumes with each drop.
If the price fails to sustain the session low, it could crash further to its all-time low of $0.74 in February. Further, if pressure sales pick up, it could test a new all-time low towards $0.68.
On the downside, a bullish impulse may develop if the price approaches a vital support level. In that case, an immediate return to the 50-day EMA (exponential moving average) of $0.79 cannot be ruled out.
In addition, extended buying pressure will reach a March 14 high at $0.81.
Technical indicators:
RSI: The daily Relative Strength Index is at 34 as it approaches the oversold zone.
MACD: Moving Average Convergence is sliding below the midline with bearish momentum moving.
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This post ADA Price Prediction: Stays Pressed Below $0.80; Is new record low on the cards?
was published first on https://coingape.com/markets/ada-price-prediction-remains-pressured-below-0-80-likely-to-revisit-0-68-next/
