ADA price remains on the edge as it trades near a vital support level on Thursday.ADA sustains $0.80 on the lower side as sellers make a comeback ignoring Wednesday’s upside momentum.Multiple support near the mentioned support zone makes it a crucial level to trade.A break above or below this level will dictate further price action in the asset.
– ADA price continues to drift lower in the U.S session.
– Expect more downside toward $0.74 if breaks below $0.80.
– Momentum oscillators hold near the oversold zone with a bearish bias.
As of writing, ADA/USD is trading at $0.80, down 5.44% for the day.
ADA price awaits next catalyst
ADA price continues to fall after testing the highs of $1.64 on January 18, a 45% descent.However, after making the fresh lows on February 24 at $0.74 ADA price quickly recovered to reclaim the $0.80 mark.
Since then $0.80 acted as a vital support level as the price is managed to stay above for many weeks.
Continued selling pressure could breach the critical mark, which will initiate a fresh round of selling in the asset.
The immediate downside target can be located at $0.74.
ADA price will crash further for fresh record low levels if downside momentum intensifies.
On the contrary, a bounce-back is expected if the ADA price sustains the session’s lows.
Investors can test two upside filters.The first resistance hurdle is placed at a critical $0.90 level.
Next, the market participants will jump toward the 50-day EMA (Exponential Moving Average) at $1.01.
As ADA price takes out $1.0 it will reverse the prevailing downtrend, and make a way toward $1.20.
Technical indicators:
RSI: The daily Relative Strength Index (RSI) slices below the average line with the current reading at 38.
MACD: The Moving Average Convergence hovers below the midline with a neutral bias.
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