During the previous week ADA clearly started its reversal move. The support line at $0.40 had been clearly broken at the beginning of the week, and the coin continued its road down to its minimum weekly level at $0.37. Selling orders are prevalent at the end of the week, in which sense, it might leave some space for further drop in price until a clear oversold side is reached.
During the whole week, RSI was moving below level of 50, finishing the week around 42. This is another indication that the market is chasing an oversold side. Moving average of 50 days is slowing down its divergence from MA200, putting into question the formation of the Golden cross.
Current charts are clearly pointing that ADA is on the road toward the oversold side. Current price fall stopped shortly around $0.38 level; however, it should be treated as only a short term stop for ADA, on a road toward the $0.35 support line. There is some probability that this level might be reached during the week ahead. On the opposite side, there is a low probability that $0.40 resistance might be tested.
During the whole week, RSI was moving below level of 50, finishing the week around 42. This is another indication that the market is chasing an oversold side. Moving average of 50 days is slowing down its divergence from MA200, putting into question the formation of the Golden cross.
Current charts are clearly pointing that ADA is on the road toward the oversold side. Current price fall stopped shortly around $0.38 level; however, it should be treated as only a short term stop for ADA, on a road toward the $0.35 support line. There is some probability that this level might be reached during the week ahead. On the opposite side, there is a low probability that $0.40 resistance might be tested.
