The crypto industry continues to display significant price volatility with top cryptocurrencies recording constant fluctuations in their respective portfolios. Further, the ADA price has lost more than 7% within the past day, highlighting a strong bearish sentiment over the market.
The ADA coin price displayed neutral trends following the market pump, indicating a cool-off in the buying pressure for the coin. After multiple attempts, the bulls regained power and broke out of the resistance level.
However, the rally was short-lived as the price faced rejection at $0.4610. The Coin traded sideways for a while, following which the market gained power and the price recorded a notable jump of over 36%.
TradingView: ADA/USDT
After this, the price lost momentum and displayed a correction in value, but the bulls held the price strong above the support level of $0.5817, resulting in a bounce back.
Following this, the CardanoADA price traded in a consolidated range between $0.5817 and $0.6273 for over two weeks, highlighting reduced buying pressure in the industry.
Recently, the bulls attempted to break out of the trend, but the coin faced rejection at $0.6807, following which it faced a pullback within the closed range.
Will ADA Price Regain Value?
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating a bearish influence in the crypto market. Moreover, the averages show a bearish convergence, suggesting the price will continue losing value this week.
If the bulls gain power and push the price above the resistance level of $0.6273, the ADA price will prepare to test its upper resistance level of $0.6807 over the weekend. Further, if the market holds the price at that level, it will attempt to test its resistance level of $0.70 during the coming week.
Negatively, if the bears overpowered the bulls, the ADA coin price would lose momentum and fall to test its support level of $0.5308. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.4610 in the coming time.
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