If we take into account general market sentiment and developments during the previous week, it could be noted that ADA outperformed the market by dropping less than many other coins. The price went down from $0.56 to $0.44, where on Tuesday and Wednesday buying orders dominated the market. Regardless of the drop in the price, ADA was traded in a mixed mode, which is generally positive for this coin, regardless of circumstances on the market.
Although the majority of other altcoins were traded heavily in the oversold territory, ADA managed not to reach this level. During the whole week RSI was moving within 40-45 range. It shows that the market is still not ready to push the price to the oversold zone, but there is still no strength for a move toward the overbought area. Moving averages of 50 and 200 days continue to move as two parallel lines with clear downtrend.
Emerging buying orders are increasing confidence that the price of ADA could not go much more to the down side. In case that current correction is still not over, there is some chance that the price might go down to $0.4 support line. On the opposite side, there is probability that the price might revert to the upside in order to test once again $0.5 resistance.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
Although the majority of other altcoins were traded heavily in the oversold territory, ADA managed not to reach this level. During the whole week RSI was moving within 40-45 range. It shows that the market is still not ready to push the price to the oversold zone, but there is still no strength for a move toward the overbought area. Moving averages of 50 and 200 days continue to move as two parallel lines with clear downtrend.
Emerging buying orders are increasing confidence that the price of ADA could not go much more to the down side. In case that current correction is still not over, there is some chance that the price might go down to $0.4 support line. On the opposite side, there is probability that the price might revert to the upside in order to test once again $0.5 resistance.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
