Cardano (ADA): will $0.45 hold?During the previous week ADA was following general market sentiment, moving out of its side trading and was traded at the lower ground. Coin started the week modestly below the resistance line at $0.6, and ended the week at its lowest weekly level of $0.44. Selling orders were dominant during the second half of the week, which also continued during week-end days.
RSI started the week around level of 64, but the dominant downtrend pushed the indicator to the level of 36. Oversold market has not been reached on this occasion. Moving average of 50 days is quite modestly moving toward the MA200 counterpart, but it is hard to distinguish whether actual convergence has started.
At this moment ADA found a support line at $0.45. This level is currently tested, and technical indicators are showing that ADA will start week ahead at this level. Currently decreased trading volumes might push the coin to even lower grounds, which would be the next support line at $0.40. On the opposite side, if ADA finds strength for a move to the upside, resistance line at $0.5 might be tested.