Popular altcoin ADA price continues to struggle to surpass the $0.5625 resistance level. However, this level indicates a strong liquidation point. Moreover, Cardano Its price has lost over 5% in the last 24 hours, indicating a bearish effect on the crypto space.
ADA coin price traded in a closed range between $0.5208 and $0.5426 for about a week. Subsequently, market volatility increased, causing the ADA price to record a correction of approximately 10.5%. After that, the price remained horizontal for a while, indicating a neutral trend in the market.
The bulls constantly struggled to break resistance levels. However, the bears overwhelmed the bulls and the price registered another correction of over 12% in the next two days. ADA price then traded in a closed range between $0.4577 and $0.4756 for a while. Then the bulls gained momentum and showed a price breakout.
After that, the ADA coin price traded in a consolidated range between $0.4756 and $0.5208 for about two weeks, highlighting a weak price action for this altcoin. After testing the low at $0.4756, the bulls gained momentum and added around 12% to his portfolio.
The bulls recorded multiple rejections before successfully surpassing the key resistance level at $0.5456. However, the rally was short-lived as the price faced restriction at $0.5625. Since then, the price has been trading under bearish influence.
Will ADA Reach $1?
The Relative Strength Index (RSI) is registering a decline on the chart, indicating a stronger sell-overbought pressure. Moreover, the averages show a downward curve crypto- It emphasizes the bear power in the market.
If the bulls regain momentum, ADA price will soon test the $0.5456 resistance level. Moreover, if the market holds the price at this level, it will be poised to test the upper resistance level of $0.5625 in the coming weeks.
On the downside, if the bears continue to outmaneuver the bulls, Cardano price will decline to test the $0.5208 support level, as Koinfinans.com reported. Moreover, if the bears dominate the market, it will decline and prepare to test the lower support level at $0.4966 in the coming period.
