ADA price is consolidating near a short-term resistance zone. The price oscillates near a critical resistance zone. If the price manages to hold it would trigger a massive uptrend. Investors might look out for the dip-buying opportunity.
- ADA price trades with modest gains while slides in limited price action.
- More gains if the price closes above the 50-day EMA at $1.02.
- A bullish formation on the daily chart inspires the side-lined buyers to dig into the buying opportunity.
On the daily chart, the ADA price completed a ‘Cup and Handle’ formation. After tagging the swing highs near $1.24, the price made a healthy retracement of nearly 26%. A renewed buying pressure would push the price toward a higher trajectory.
On moving higher, the first upside target could be found at the 50-day EMA (Exponential Moving Average) at $1.02. Next, the market participants would flex their muscles toward the highs of April 7 at $1.11. This also coincides with the upper trend line of the formation.
While things look positive for the bulls. However, a fall below the session’s low would invalidate the bullish outlook for the pair. In that case, the downside support could be located at $0.95.
A spike in sell order would further drag the price toward the horizontal support line at $0.85.
As of press time, ADA/USD is exchanging hands at $0.95, down 0.04% for the day. As per the CoinMarketCap, the 24-hour trading volume of the eight-largest cryptocurrency by the market cap is holding at $490,037,557.
Technical indicators:
RSI: The daily relative strength index holds below the average line with a neutral stance. Currently, it reads at 42.
MACD: The moving average convergence divergence slips below the midline. An uptick in the indicator would advocate for an upside outlook.
Disclaimer
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.
About Author
Source: https://coingape.com/markets/cardano-price-prediction-ada-price-remains-pressured-near-50-day-ema-is-1-10-possible/