ADA Price Analysis – July 23
Cardano seems to be heading for another series of dives below $0.050. But ADA needs a magic trick to get out of the trends with constant slowness.
Resistance levels: $0.080, $0.085, $0.090
Support levels: $0.030, $0.025, $0.020
Cardano (ADA) briefly reached $0.055 today. Although the coin managed to get out of it, soon enough it is still not able to maintain a constant surging pace since the past 2 weeks now. The month of July was one of the worst for this crypto. The latest market performance also conveys the same message. The pair is currently trading within the descending channel and below the 50-day moving average.
In addition, the rally continues with the next support at $0.50 and could probably extend to the main support levels at $0.040, $0.035 and $0.030 respectively. If the price fails to fall to the aforementioned support level, the highest move will visit the resistance levels of $0.080, $0.085 and $0.090. Currently, the stochastic RSI moves to the overbought zone while the MACD signal lines are still on the negative side, indicating continuous bearish signals.
Furthermore, taking a look at ADA against BTC, we can easily see that the coin has been unstable for over a month now, unlike other major altcoins. Price action has recently managed to break below the support level at 580SAT and had managed to reach 570SAT before falling again. For now, the bears are still in the control of the market.
Furthermore, the buyers may further push the price to 800SAT and above. By then, the market would have turned bullish. We can see on the daily RSI (14) is below 40-level. A breach may lead to a bullish move for the market but as at the time of writing, the ADA market is still following a bearish scenario.
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