ADA Price Bounced Back After Touching Critical Support Area of $0.131 Amid Bearish Conditions in Overall Market

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  • ADA price levels face severe price damage on Wednesday’s market session while having a negative crossover below $0.140 and touching a major support area of $0.13
  • However, the support level did provide a significant bounce back to the price levels resulting in a positive crossover above $0.14 again
  • The ADA/BTC pair continues to trade negatively with a loss of -0.10% bringing the current level to 0.00000774 BTC 
Source: Coingecko

The intraday price chart of ADA shows the sharp negative divergence in the levels due to the overall market conditions turning significantly bearish over the day. The price levels touched a major critical support zone around $0.13, which helped to provide a positive bounce back. The CMP is placed at $0.141764 with a market capitalization of $4,404,920,671 and the 24-hour volume traded of $888,734,039. However, the coin is still trading negative with a loss of -2.4% over the day with the ADA/BTC pair still being negative. Price sustainability above the crucial mark of $0.14 will help the crypto asset to revive its positive momentum. 

Technical Levels Bouncing Back Amid Bearish Momentum for XTZ

Source: Tradingview
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The technical chart of ADA highlights the sharp positive divergence made by the price levels in the previous month, which is followed by price corrections at regular intervals. On the retracement table, the price levels managed to have a positive bounce back from the 0.5fib level on the previous occasion and are expected to do the same in the current scenario. The price candles have also shown a tendency for a positive bounce back by forming a green candle on the retracement table. 

The moving average convergence & divergence (MACD) levels have formed a falling channel pattern and gave a bearish crossover. 

The relative strength index (RSI) touched the oversold region and quickly bounced back. Still, the levels are vulnerable to another negative dip and currently at 39.05. 

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The directional movement index (DMI) is looking to improve levels as ADX (26.89) is in the potential for a positive crossover against -DI (32.64)

Resistance level: $0.157 & $0.17 

Support level: $0.13 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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