Cardano’s (ADA) price manages to trade in green on Friday following the previous two session’s declines. ADA price action shows resilience near the psychological level of support at $1.00. The containing of the critical level indicates a reduction in the bearish bias.
- Cardano’s (ADA) price trades higher as the weekend begins.
- ADA finds multiple support near the critical level of $1.01.
- Expect an upside of 20% from the current reading.
As of press time, ADA/USD is trading at $1.03, up 1.41% for the day. The seventh-largest cryptocurrency by market cap holds the 24-hour trading volume of $1,067,701,311 with gains of nearly 7% as per the CoinMarketCap.
As per the on-chain analyst, Ali Martinez’s activity on the Cardano (ADA) network has surged exponentially with the number of new daily addresses jumping from 167% to 112,500.
Cardano (ADA) awaits for U-turn
On the daily chart, Cardano’s (ADA) price has formed a ‘rectangle formation’ as the price has been trading in a short-term consolidation of $1.01 and $1.26 since January 23. ADA price has dropped below the 50-day Simple Moving Average (SMA) at $1.23.
However, ADA bulls need strong conviction to pull up the price toward the $1.10. Next, market participants will jump toward the upper trend line of the rectangle formation at $1.27.
Alternatively, a failure to sustain the lows of $1.01 will trigger the fresh round of selling opportunity aiming for an all-time new low.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) holds near 40 with a neutral stance. If the indicator crosses above the moving average line then it can support the bullish thesis.
MACD: The Moving Average Convergence Divergence (MACD) trades below the mid-line suggesting bulls still needs confirmation to continue the upside.
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-ada-price-prediction-face-upside-risk-of-20-is-the-right-time-to-enter/