ADA Price Reclaims $0.80; Is Time To Enter?

ADA price trades higher on Wednesday as the bulls seem to be back in action. A green candlestick suggests the presence of the underlying bullish undercurrent. The price managed to claim the psychological $0.80 mark after a brief stint near $0.73. In addition to that, an average volume indicates that the price might ignore any bearish sentiment as of now. Still, the ADA buyers must meet a few challenges before moving north.

• ADA price prints gain for the first time in a while with strong buying momentum.
• Expect a run-up to tag the swing high of $1.0 after clearing the $0.85 hurdle on a daily closing basis.
• Intraday volume supports the bullish move with a more than 7% rise at $784,977,199.

ADA price trades near an inflection point

On the daily chart, the ADA price dragged lower from the recent highs of $1.24 made on April 4, a descent of nearly 40%. As we can see on the chart, the ADA buyers muster the strength around long-time horizontal support placed near $0.70. BTC price continues to trade lower since it made lifetime highs around $3.09 in August.

Currently, the price oscillates near a make or break zone. Now, the reason to have a bullish view on the coin is that $0.75-$0.80 contains a reliable support ground.

Now, a strong green candlestick prompts investors to build up a long position. In the journey, the first upside hurdle that needs to be crossed is the highs made on April 27 at $0.85. In addition to that, a sustained buying pressure would clear the way toward the ultimate target of $1.0.

Conversely, a shift in the bullish sentiment might put a question on the bullish outlook on the asset. If the price closes below the session’s low this would result in meeting the fresh new lows.

As of press time, ADA/USD reads at $0.81, up 5.98% gains so far.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.