As it has been expected, ADA continued with side trading during the previous week. This is sort of typical behavior of this coin, after prior strong price moves. During the previous weeks, the price of ADA reached historically lowest levels, after which, the coin started its side trading around level of $0.45.
Relative Strength Index is a reflection of the side trading market, as this indicator moved between levels of 45 and 40 during the whole week. Moving averages of 50 and 200 days are continuing to move as two parallel lines, but this time, MA50 modestly slowed down its moves to the down side. Still, convergence between two lines has yet not started.
As per current charts there is a high probability that side trading will continue for another week in a row. It is evident that the market does not have strength to push the price to either side. At this moment, of prevailing negative market sentiment, it might be a good thing for ADA. Currently, there is a high probability for the price to continue moving between $0.40 support and $0.50 resistance lines.
Relative Strength Index is a reflection of the side trading market, as this indicator moved between levels of 45 and 40 during the whole week. Moving averages of 50 and 200 days are continuing to move as two parallel lines, but this time, MA50 modestly slowed down its moves to the down side. Still, convergence between two lines has yet not started.
As per current charts there is a high probability that side trading will continue for another week in a row. It is evident that the market does not have strength to push the price to either side. At this moment, of prevailing negative market sentiment, it might be a good thing for ADA. Currently, there is a high probability for the price to continue moving between $0.40 support and $0.50 resistance lines.
