Altcoin Rally Fading Away! Will Bulls Hold The ADA Price Above Its Crucial Level?

Top altcoins continue to record significant price volatility over the past week, highlighting a mixed sentiment in the market. Further, ADA price has lost over 3% within 24 hours and 13% during the past week, indicating a bearish influence in the crypto space.

The ADA coin price traded in a closed range between $0.5817 and $0.6273 for about a week, following which the bulls lost momentum and the altcoin broke down its support level. After this, the price traded sideways for a short period and displayed another drop of over 20% in valuation during the next six days.

TradingView: ADA/USDT

After testing its low of $0.4610, the bulls gained enough momentum to break out of the resistance level, but faced restriction at $0.5438, following which the price traded within the range for a while.

As the market regained momentum, the ADA coin jumped over 25% in valuation. After facing rejection at $0.6273, the ADA price traded in a closed range between $0.5001 and $0.5438 for a brief period.

Recently, the token faced another bearish move, resulting in it breaking down its support level of $0.5001. Currently, the ADA coin price is testing its crucial support level of $0.4610, of which the outcome is unpredictable. 

Will ADA Go Up?

The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a rise in the bullish influence in the market. Further, the averages show a high possibility of a bullish convergence, suggesting the price will experience massive price action soon.

If the bulls hold the price above the support level of $0.4610, the ADA price will test its resistance level of $0.5001. Maintaining the price at that level will set the stage for the CardanoADA price to attempt to test its upper resistance level of $0.5438.

Conversely, if the market loses momentum, the Cardano price will fall and test its support level of $0.4162 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.3792 in the coming time.