After Another Rejection at $0.55 is ADA In Danger of Crashing Lower? (Cardano Price Analysis)

Despite a strong attempt by ADA to break free from the key resistance, the bears rejected the price, which did a pullback.

Key Support levels: $0.45, $0.38

Key Resistance levels: $0.55, $0.66 

Cardano has flirted with the key resistance at $0.55 three times in July, and each attempt was firmly defended by the sellers. The latest attempt on July 30th also failed to produce a breakout, and now the price is on its way to test the key support at $0.45.

Technical Indicators

Trading Volume: The volume was flat over the past three days, and the selling momentum appears to be fading. Bears lack conviction which could be interpreted as bullish.

RSI: The daily RSI has dropped to 50 points. So far, the buyers managed to stop this downtrend, and the RSI has found support at this key mid-point area.

MACD: The daily MACD is quickly losing its bullish momentum, but a bearish cross is still some days ahead. Until that happens, there is still hope for buyers to reverse the price action.

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

Even though ADA’s price could not break above the key resistance at $0.55, the sellers don’t appear too committed, which could flip the bias back to bullish. Nevertheless, a re-test of the key support at $0.45 cannot be dismissed based on the current price action.