Cardano Faces Resistance at $0.6807: Has ADA Topped Out?

The crypto industry continues to display significant price volatility with top cryptocurrencies recording constant fluctuations in their respective portfolios. Further, the ADA price has lost more than 7% within the past day, highlighting a strong bearish sentiment over the market. 

The ADA coin price displayed neutral trends following the market pump, indicating a cool-off in the buying pressure for the coin. After multiple attempts, the bulls regained power and broke out of the resistance level.

However, the rally was short-lived as the price faced rejection at $0.4610. The Coin traded sideways for a while, following which the market gained power and the price recorded a notable jump of over 36%.

After this, the price lost momentum and displayed a correction in value, but the bulls held the price strong above the support level of $0.5817, resulting in a bounce back.

Following this, the CardanoADA price traded in a consolidated range between $0.5817 and $0.6273 for over two weeks, highlighting reduced buying pressure in the industry.

Recently, the bulls attempted to break out of the trend, but the coin faced rejection at $0.6807, following which it faced a  pullback within the closed range.

Will ADA Price Regain Value?

The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating a bearish influence in the crypto market. Moreover, the averages show a bearish convergence, suggesting the price will continue losing value this week.

If the bulls gain power and push the price above the resistance level of $0.6273, the ADA price will prepare to test its upper resistance level of $0.6807 over the weekend. Further, if the market holds the price at that level, it will attempt to test its resistance level of $0.70 during the coming week.

Negatively, if the bears overpowered the bulls, the ADA coin price would lose momentum and fall to test its support level of $0.5308. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.4610 in the coming time.