CryptoCurrency News - July 28, 2022

After a nice relief rally yesterday, ADA managed to hit the $0.50 psychological level again.

Key Support levels: $0.45, $0.38

Key Resistance levels: $0.55, $0.66 

Cardano found good support at $0.45, and since then, the buyers took over the price action, which led helped the cryptocurrency reach $0.50 at the time of this post. However, the momentum has faded today, and bulls will have to break above the $0.55 resistance if they are to maintain the uptrend.

ADAUSDT_2022-07-28_14-31-37
Chart by TradingView

Technical Indicators

Trading Volume: Today’s volume is in red after a significant buy pressure yesterday. The bulls may try to regain control, but they have a hard task ahead.

RSI: The daily RSI has remained around 50 points in the past few days. This shows some indecisiveness in the market, placing the price in a flat trend within the key levels.

MACD: The daily MACD is bullish, but the histogram is losing momentum. A push above $0.55 is needed for the bulls to avoid a possible bearish cross in the future.

ADAUSDT_2022-07-28_14-32-03
Chart by TradingView

Bias

The bias for ADA is neutral as long as the price remains in a range.

Short-Term Prediction for ADA Price

Buyers managed to rescue ADA at the critical support of $0.45, but will they have the strength to break the resistance? If not, then the cryptocurrency could continue to range between the critical levels which were established in May. This consolidation period is becoming quite prolonged, and when the breakout happens, it will likely be very significant.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Not The 2018 Bear Market, Bitcoin Price Could Hit $20,000 In December

The Bitcoin price rebounded off the low of its current range and retraced its weekend loss…