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.

Rajarshi Mitra Independent Analyst

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

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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