To quantify, ADA is down eight percent and this means sellers have since reversed all of April gains. At current prices, bears are one cent away from 12 cents, a key support line marking the last three months support.
Looking at the Technical Indicators
Major Support Level: $0.1971
Major Resistance Level: $0.2177
Fib 23.6% Retracement Level: $0.2222
Fib 38% Retracement Level: $0.2539
Fib 62% Retracement Level: $0.3051
The relative strength index is breaking out from the oversold territories, though, so buyers could be ready to push back the value of the coin. The near-term downward trendline connecting the recent highs of this month is also in line with the mid-channel interest area to add to its strength as resistance. A decline below the bottom channel at 0.1200 could result in a precipitous drop.
This is not investment advice" disclaimer I use when posting about investments.
