ADA Technical Analysis: The Coin Hangs In The Balance Of $0.33

Time Stamp: July 2, 2022 11:36 AM
Source Node: 1556033
ADA Technical Analysis

After the last powerful blow by sellers with the weekly candle of 9 May, the ADA market stopped in consolidation. In fact, buyers could not organize a rebound of the price upwards and correct the local fall wave from April 2022. Although everything started quite well. On 30 May, buyers absorbed the previous candle of sellers and gave a hint about the readiness to continue the growth of the ADA price to $0.93. The new trading month completely beat all odds and narrowed the ADA consolidation range to 10%. Source: https://www.tradingview.com/x/3563ihyj/ Now, sellers are trying to break the lower limit of consolidation – $0.44 mark. If the price is successfully fixed below $0.44 on the weekly timeframe, sellers will open their way to the next target of $0.33. This mark on the history shows that the ADA price stopped for about 4 weeks before continuing its crazy uptrend. Of course, a stop for 4 weeks is an indicator of a strong liquidity zone. However, the fact that the approaching of the ADA price to the $0.33 mark caused problems for sellers indicates a high probability of a reversal from this mark. This is our negative scenario. However, after keeping the $0.44 mark, buyers will still have a chance to rebound to $0.93. ADA Technical Analysis On The Daily Timeframe Source: https://www.tradingview.com/x/JCN8U5kJ/ Analyzing the movement of the ADA price in this timeframe, one can notice stable and effective pressure from sellers on the price starting from 25 June. The first signs of buyers’ weakness in that consolidation appeared as early as 16 June. Note how after the bright daily candle of 15 June, sellers completely extinguished the initiative of the buyers. Since then, buyers have not been able to create a new dangerous situation for sellers. And since 26 June, the ADA price on medium volumes has been systematically decreasing. If, within the next few days, buyers do not actively defend the level of $0.44, it will be 100% capitulation and a serious hint of lack of interest in this cryptocurrency. A rebound of ADA price to $0.52 will give buyers a chance to form a consolidation from which ADA can shoot up to $0.61. For now, the $0.44 mark under the control of buyers is our main scenario. The ADABTC Price Stopped At A Critical Point Source: https://www.tradingview.com/x/xldqhrW5/ ADABTC weekly price movement timeframe keeps investors intrigued for the second week. After a strong weekly candle from 13 June, the ADABTC price movement has stalled. This happened near the trend line of sellers, which they have been keeping since August 2021. Trading volumes during the last two weeks of trading on the ADABTC market have decreased as much as possible. Such a pattern gives a chance for continued growth and a test of the 0.000025 range. It was after the loss of this range in February 2022 that the ADABTC price began to fall more actively. An unsuccessful attempt by buyers at the end of March 2022 to regain control of the 0.000025 range ended with the local low update. Therefore, this level is strategically important for the formation of a new growth trend in the ADA market.

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