Previous week was not the positive one on the crypto market, considering all the negative news regarding the Silvergate bank. Investors are clearly on a hold, which is confirmed through significantly decreased daily trading volumes. ADA still holds its fragility, in which sense, the coin lost more than 7% of its value during the previous week. Although the coin started the previous week around $0,36 level, during the week the market was oriented toward the downside, and selling orders pushed the price to the level of $0,33. Although the lowest weekly level was $0,32, this line was reached on only one occasion, but it generally reveals the market sentiment about ADA at this moment.
RSI was further pushed to the downside, reaching level of 36 as of the end of the week. The market is clearly looking at the clear oversold side. Interesting development occurred with MA50 and MA200 lines, where they are currently crossed, but it is too early to say whether it is a real golden cross or there is still not going to be one.
ADA will continue to follow general market sentiment and wait for investors to return on the market in the coming period. In this sense, some significant moves should not be expected in the week ahead. There is potential for the price to move further to the downside, at least to the level of $0,32 which was tested on only one occasion during the previous week. Whether the price might go below this level is unclear from the current chart. On the opposite side, the resistance line at $0,35 might be tested again, but without a potential to be crossed to the upside.
RSI was further pushed to the downside, reaching level of 36 as of the end of the week. The market is clearly looking at the clear oversold side. Interesting development occurred with MA50 and MA200 lines, where they are currently crossed, but it is too early to say whether it is a real golden cross or there is still not going to be one.
ADA will continue to follow general market sentiment and wait for investors to return on the market in the coming period. In this sense, some significant moves should not be expected in the week ahead. There is potential for the price to move further to the downside, at least to the level of $0,32 which was tested on only one occasion during the previous week. Whether the price might go below this level is unclear from the current chart. On the opposite side, the resistance line at $0,35 might be tested again, but without a potential to be crossed to the upside.
