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The leading cryptocurrency started the new week with a decline as expected and closed its first red candle after 8 weeks. Institutional investors also completed a week with a slight net outflow for the first time in weeks. This negativity is normal despite the anticipated ETF approval because prices do not go up forever; healthy corrections are customary processes.
ADA Coin Commentary
Since October, the price of ADA Coin has increased by 184%, albeit slowly compared to other positively diverging altcoins. The breakout above $0.4 particularly accelerated the uptrend. After the much-anticipated breakout, investors targeted $1 while Bitcoin decided to form a bearish candle in its ninth week.
The timing is unfortunate, but there’s nothing to be done. In the short term, while the MACD gave a positive signal, the RSI was ambiguous. However, if the closures below the resistance of $0.612 continue, optimism could be further undermined. On the other hand, BTC’s firm stance below $42,000 and increasing sales also bring to mind the risk of further losses.
ADA Coin Price Prediction
Closures below $0.612 for ADA Coin could lead to a drop to $0.5. For now, the price was closer to resistance at $0.597. What would closures below the last support lead to? In that case, we could see a drop to $0.39. The potential to return to the resistance at $0.4, which took a long time to overcome, is disheartening.
Last week, ADA Coin bulls, who failed to surpass the 0.000015 BTC level in the Bitcoin (BTC) pair, are now struggling to protect the support coinciding with the 50-week Exponential Moving Average (EMA) around 0.0000127 BTC.
Losses were not only in the dollar pair; the negatively diverging altcoin fell victim to profit-taking after reaching its recent peak quickly amidst BTC sales. If this support level does not hold, the next notable support for ADA is at 0.000011 BTC.
For now, BTC faces the risk of a deepening correction unless we see closures above $41,500 and $42,500. On the other hand, the PCE data coming on Friday is the second most important event of December after the Fed meeting and could be the biggest shake-up for BTC prices. If the PCE is announced as expected to be low, it could highlight the success in the fight against inflation while potentially pushing crypto upwards.
