On the daily time frame, the ADA price has undergone an extensive correction in less than a month. The coin price dropped 23% from its July 14 peak of $0.3793 to reach its current trading price of $0.29.
Is this the best time to buy, given that the negative trend has begun to mature, and the falling price has begun to display some changes?
Key Points to Consider
- The ADA coin’s intraday trading volume is $120.6 Million, which is a 27% gain.
- The ongoing market appears to be inducing volatility, as evidenced by the Bollinger Bands displaying a divergence in their bands.
- The lines of the MACD indicator maintain an upward bearing.
- The coin price will Increase by 13.45% to reach the $0.3165 level in the event that the overhead barrier is broken.
ADA Price: Will It Extend Price Correction Phase?
The ongoing session has presented minimal bullishness. Although there appears to be a chance for a positive rebound, it is impossible to ignore the growing Fear, Uncertainty, and Doubt (FUD) in the general market mindset.
Will there be another way for bears to push bulls? Going by the indications from the Bollinger Bands indicator and the Moving Average Convergence Divergence (MACD) it appears that buyers are still aiming for an upsurge. If the overhead supply pressure increases, the correction phase might be extended beyond $0.30. Market dynamism underscores the importance of monitoring sentiments and potential bullish extensions. Therefore, traders can still anticipate a further upside retracement towards the 0.3165 mark.
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