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ADA bounces off support, here are the key levels to watch

ADA price rallied towards key resistance after bouncing from support.

  • Key Support Levels: $0.55, $0.50
  • Key Resistances: $0.64, $0.75

After consolidating above the critical support at $0.55 for a few days, ADA has finally moved towards resistance at $0.64. The price touched this level before sellers took action and pushed the cryptocurrency into a pullback. An attempt by the bulls to make another short-term push is expected.

Technical Indicators

Volume: Volume exploded in tandem with price and if this momentum sustains, ADA could break above key resistance.

RSI: The daily RSI is moving back above 50 and if it can make a higher high, momentum will tilt in favor of the bulls.

MACD: The daily MACD continues to rise and this latest push higher has brought its histogram back to the upside.

Daily ADA/USDT Chart | Source: TradingView
Daily ADA/USDT Chart | Source: TradingView

Prospects

The bias towards ADA is bullish. To validate this outlook, ADA must break above $0.64 and hold there.

Short term prediction

It looks like the ADA bulls are likely to make another test of the critical resistance at $0.64. If the breakout is successful, then the price will have space to spike towards $0.75.