Major Support Levels: $0.68

Key resistance levels: $0.85

The ADA price has lost key support at $0.85 and is rapidly falling. The level has now turned into resistance, and the cryptocurrency could drop to $0.68 where buyers can attempt a reversal. The outlook is bearish and the ADA is approaching oversold conditions.

Chart by TradingView

technical indicators

Trading Volume: The large volume of sales today pushed the price much lower. An increasing volume during a decline is a bearish signal.

RSI: The daily RSI has dropped below 30 points and is now in the oversold territory. The price rarely stays in extreme positions for long, but at the time of this post, there is no sign of a possible reversal.

MACD: The daily MACD is down as selling pressure is building. The ADA could drop much lower before any relief rally takes place.

Chart by TradingView

Bias

The current bias is down.

Short-term forecast for ADA price

It seems likely that the ADA will visit lower levels before it has a chance to jump. Key support at $0.68 can provide some defense, but it is very important to monitor price performance when it reaches it.

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Cryptocurrency Charts by TradingView.

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