This week appears more volatile for ADA following a breakdown from a key support level last weekend. However, it quickly found a solid ground level and reestablished support above the important $0.5 level. ADA’s bearishness almost ended with a massive surge in early March following a sudden surge in volatility that exploded the price by over almost 100% in a day. That singular surge triggered a lot of positive sentiments, but the pump was followed by a dump as it wiped off half of the gain the next day before it later posted losses throughout that month. This led to a dramatic price decline, and the bearish move became clearer on the daily chart following the new sell order from the $1.17 level. The price broke down from a crucial support level during the recent monthly drop and retested February’s $0.5 low this week. A counter-reaction from the bulls’ side triggered a bounce, and the price increased to $0.65 yesterday, but it later lost buzz due to a rejection. Up till now, the bulls have been struggling to sustain pressure due to low buying volume. This brought weakness today and is now looking indecisive. It is most likely to resume selling following the existing bearish trend. The main sell target level is $0.35 in the mid-term. For a bullish move, ADA must reclaim March’s resistance before considering a trend shift. ADA’s Key Levels to Watch Source: Tradingview Aside from the $0.65 resistance that just suppressed buying, $0.776 and $0.913 are higher resistance levels to watch in case of more increase. Towards the downside, ADA holds support at $0.5. A dip below it could slide the price to a new multi-month low of $0.42 and potentially $0.37. Key Resistance Levels: $0.65, $0.776, $0.913 Key Support Levels: $0.5, $0.42, $0.37 Price: $0.62 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 !
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