altcoin The market continued to experience price fluctuations throughout the past week. This means there is mixed sentiment in the market. In this context, the ADA price lost over 3% in 24 hours and 13% over the past week. Therefore, ADA coin seems to have also joined the downward trend.
The altcoin price traded in a closed range between $0.5817 and $0.6273 for about a week. Then the bulls lost momentum and the altcoin broke the support level. After that, the price remained sideways for a short period of time.
Koinfinans.com As we reported, after the Altcoin tested the low at $0.4610, the bulls gained enough momentum to break out of the resistance level. However, it faced a hurdle at $0.5438 and subsequently the price traded in a range for a while.
As the market regained momentum, ADA jumped over 25% in valuation. After being rejected at $0.6273, ADA price briefly traded in a closed range between $0.5001 and $0.5438.
Additionally, in recent days, the token has experienced another downward move. This caused it to drop the $0.5001 support level. Currently, ADA price is testing the important $0.4610 support level, the outcome of which is unpredictable.
Is ADA Price on the Rise?
The Moving Average Convergence Divergence (MACD) shows a continuous decline in the red histogram, indicating that the bullish effect on the market is increasing. Additionally, the averages show a high probability of bullish convergence, indicating that the price will soon experience a major price move.
If the bulls sustain the price above the $0.4610 support level, ADA price will test the $0.5001 resistance level. A hold for the price at this level will pave the way for ADA price to attempt to test the upper resistance level at $0.5438.
Conversely, if the market loses momentum, Cardano price will decline and soon test the $0.4162 support level. Moreover, if the bears continue to dominate the market, it will be poised to test the lower support level at $0.3792 in the coming period and decline.
You can access current market movements here.