ADA price trails the footprint of the broader crypto market meltdown with a loss of more than 12%. The price makes new record lows at $0.52. Since the beginning of the year, the token depreciated nearly 65% prompting investors to panic selling. The recent bearish downside made things challenging for the ADA buyers.
- ADA price bleeds more than 12% on Wednesday amid intense selling momentum.
- Expect a further slide in the price as it breaks the crucial support zone.
- A bounce-back toward $0.75 could pause the selling at least in the short term.
ADA price continues south
ADA price nosedives with a heavy sell-off and looks weak on all-time-frames. The bulls left the company of the coin since it record its all-time high in September. ADA continues to trade at the mercy of the sellers and is still in the distribution phase. Any immediate bounce back remains a distant possibility but the oversold market condition cries for an interim bounce back.
On the daily chart, the ADA price took a break from the exhausting downswing in March. As the price surged 45% from the lows of $0.78 and tested the swing highs of $1.24 but the bulls failed to carry forward the gains. The price fell back to the short-term consolidation near $0.75.
The ongoing market slaughter added to the woes of the already depreciating currency. In addition to that, the trading volume fully supported the downswing with an extended promise to explore the $0.35 level, as a new demand zone.
On the other hand, a spike in buying orders could challenge the prevailing trend. The price could bounce back to recapture the psychological $0.60. Further, an acceptance above the mentioned level would see $0.75.
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The Relative Strength Index (RSI) fell sharply below the average line while it approaches the oversold zone.
As of press time, ADA/USD reads at $0.54 with a loss of 13.94% for the day.
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