Going through another major drop this week, ADA lost a psychological level and retraced deeply to a three-month low. This triggered a serious panic in the market and is now following a strong negative bias. ADA’s overall market remains bullish on the macro level, but the trend is subjected to a downward slope following a back-to-back drop in the past month. The asset is now considered bearish on a short-term trend. Meanwhile, the last two weeks saw the asset through its biggest drop as it broke down from the $0.8 level to $0.5 – this marked its lowest price for the first time in three months. After a long-wick rejection, the bears showed up again and continued to mount pressure on a daily scale. Though the pressure is not much at the moment. The recent rejection suggested an exhaustion in selling. A rise in the selling volume could cause more dips in the future. If this week’s low holds well as support, we can expect a pushback to the broken level before deciding which direction to go next. At the time of writing, there is no sign of recovery as the price continued to drop. While this market is still under the bears’ radar, we may see a deeper retracement in the next few days. A hold above it should fuel a fresh buy in the market ADA’s Key Levels to Watch Source: Tradingview While ADA is negotiating $0.69, there’s support at $0.6. If it reclaims this week’s $0.5 low, the price may break lower to $0.43 and $0.36. If by any chance a bounce occurs, the potential resistance level for a buy would be $0.765, followed by $0.86. A push above it could bring us to $0.988. The next level for an increase would be $1.152. Key Resistance Levels: $0.765, $0.86, $0.988 Key Support Levels: $0.69, $0.60, $0.50 Price: $0.7 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: Photo by Traxer on Unsplash // Image Effects by Colorcinch
