ADA price prints the gain for the second session in a row. However, trades in a very tight range with capped upside and downside limits.
- ADA price edges higher as the fresh trading week begins.
- More gains towards $1.40 if the price closes above the 200-day EMA.
- The downside is capped near the $1.10 vital support level.
ADA price continues to move north
ADA price continues to trade in a short-term range of $1.10 and $1.25. The asset is expected to print gains as the volumes supported the current price action. As the price moved beyond the 50-day EMA (Exponential Moving Average) on March 23 with above an average volume. However, the price consolidates since then with declining volumes.
Now, a daily close above the $1.25 level will fuel the further upside rally in the prices. The bulls will face the first upside hurdle at the critical 200-day EMA (Exponential Moving Average) at $1.29. An acceptance above this level will produce an ultimate target of $1.40.
On the flip side, if the price slips below the session’s low then it would continue to move in a sideways manner. Further, the bulls would lose hope if the price breaks the vital support around $1.10.
In this case, the selling could intensify toward the 50-day EMA at $1.03.
As of publication time, ADA/USD is trading at $1.21, up 2.56% for the day. The 24-hour trading volume of the seventh-largest cryptocurrency is standing at $1,717,138,700 with more than 55% gains. A rise in the price along with volumes is a bullish sign for the asset.
Technical indicators:
RSI: The daily Relative Strength Index oscillates near the average line. The current reading is at 65 which indicates the market is still far from overheating.
MACD: The Moving Average Convergence Divergence convergence shows convergence in both averages. Investors should wait for a clear indication before making any decision.
The post Cardano Price Prediction: ADA Aims For $1.40 Amid Sustained Buying Momentum appeared first on CoinGape.
Source: https://coingape.com/markets/cardano-price-prediction-ada-aims-for-1-40-amid-sustained-buying-momentum/