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Market News Bears Target $0.255 on Rise in Trading Volumes for ADA Price Prediction

Bears Target $0.255 on Rise in Trading Volumes for ADA Price Prediction

After a slow weekend, ADA was busy this morning. The upside is probably going to be limited since there won't be any IOHK updates to consider during the holidays.

Cory Russell

2022-12-27

294

On Sunday, ADA concluded the day unchanged at $0.259 for the second straight session. ADA closed the week with a loss of 2.63% while remaining consistent. Despite finishing the day below $0.260 for the seventh consecutive day, ADA avoided the red for the fourth straight session.

Due to a successful start to the trading day, ADA increased to a high of $0.260 in the morning. The First Major Resistance Level (R1) at $0.261 was not reached, and as a consequence, ADA dropped as low as $0.255 in the late afternoon. ADA failed to keep up the First Major Support Level at $0.257. (S1).

However, after establishing support at the Second Major Support Level at $0.255, ADA bounced back to $0.260 before relaxing down.

Open for a Second Session: ADA Flat Following a Peaceful Holiday Session

There were no direction-giving updates from Input Output HK on Sunday, so it was a calm day (IOHK). Investors stayed away during the holidays because there was a lack of information, which led to low weekly trading volumes until a late uptick.