- The ADA price remains above the 20,50,100 EMAs and is still behind the 200 day moving average.
- ADA price is approximately $0.3838 (press time) gaining 0.72% intraday.
- The pair of ADA/BTC is around 0.00001357BTC and dropped by 1.76% in the last 24 hours.
The bearish tendency might be reversing as Cardano continues to rise amid growing bullish influence. Cardano is being closely watched by investors as it registers an upward trajectory. Will the upward tendency continue, or will the sceptics push the price of ADA towards upward targets?
Cardano’s price is currently hovering around $0.3838 at the time of writing. It gained by 0.72%. The ADA/BTC pair is currently worth around 0.00001357BTC and dropped by 1.76% in the last 24 hours. Also, the upward momentum in ADA price could attract whales, offering bears an opportunity to manipulate the market.
The price may hit the primary resistance at approximately $0.400 and the secondary resistance at $0.427 depending on the upward momentum. Additionally, if the bulls weaken, the bears may seize control and push the price down toward the primary support, which is roughly $0.309. The secondary support $0.241.
The amount of the currency decreased by 47.29% over the last 24 hours. The volume-to-market value ratio for ADA is 0.0216. If the bears want to live up to investment standards, they must work harder.
Technical Analysis of ADA
The Relative Strength Index is on the verge of entering overbought territory. Currently, the RSI is 57.30, which is above the average RSI of 55.22 indicating strong buyer pressure. The RSI could be on the verge of entering the overbought zone. ADA price remains above the 20,50,100 Exponential Moving Averages (EMAs). However, it is behind the 200 Daily Moving Average. The MACD and MACD indicators produced a positive crossover.
Conclusion
The current market trend of Cardano is bullish. The current price of ADA is approximately $0.3838. It gained 0.72% intraday. The RSI is in the overbought zone, suggesting that the buyers are accumulating. The MACD and MACD signal intersected, producing a positive crossover.
Technical Levels
Support Levels: $0.309 and $0.241
Resistance Levels: $0.400 and $0.427
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/02/cardano-ada-price-prediction-bears-attempting-a-reversal/