ADA/USD Market Overview: Bears back in control following Bullish Monday
- ADA/USD went down from $0.78 to $0.75 this Tuesday.
- Presently, the overall market sentiment remains bearish.
Following this Monday’s bullish movement, ADA/USD has been taken over by the bears once again. This Monday, the price went up from $0.735 to $0.775, however, the bears took over and since then, the price has gone down from $0.78 to $0.75. Technical Indicators show us that the overall market sentiment is pretty bearish, so a further drop in price is expected.
ADA/USD Daily Chart
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- The second last session took the price back up inside the 20-day Bollinger band.
- The market is currently trending very close to the lower curve of the 20-day Bollinger band.
- Short-term support lies at $073, while on the upside, the nearest resistance is at $0.79.
- The relative strength index (RSI) indicator is currently trending at 45.45.
- The Elliot Wave Oscillator shows 16 consecutive bearish sessions.
- The signal line is diverging away from the MACD line showing increasing bearish momentum.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
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