ADA managed to stop the downtrend and the bulls increased the price on the day that the protocol will see its Vasil upgrade going live.
Key support levels: $0.43, $0.38
Key resistance levels: $0.50, $0.56
The buyers came in strong today and managed to turn the price action above the key support at $0.43. If this bullish momentum continues, ADA could rise towards $0.5, which is the current resistance. This would also be a sign that the downtrend is reversing.
Trading volume: Volume picked up yesterday and closed in the red, but it quickly reversed today and buyers have the upper hand.
RSI: The daily RSI is approaching 50 points. If the buyers manage to push it above, then the momentum can reverse in their favor.
MACD: The daily MACD remains bearish, but the histogram is making higher lows, which is an early sign of a possible bearish trend reversal.
ADA bias is neutral.
Short term prediction for ADA price
At this point, ADA has managed to stop the downtrend and buyers seem anxious. This is a good sign, but the bulls need to withstand the pressure if they want to manage to break the key resistance of $0.50.
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