ADA price manages to score well after the previous session’s stand-off. The price hovers near the strong resistance, which needs to overtake if the bulls want to kick further rally.
- ADA price locks in handsome gains on Tuesday.
- Price could explode toward $1.50 if close above the 200-EMA at $1.30.
- The bullish momentum is supported by the higher volumes.
ADA price tests crucial resistance
ADA price is facing strong resistance near the critical $1.25 level. Earlier, the level acted as a support level for the price. However, ever since it slipped below the mark in late January, the price found it difficult to cross the support-turned-resistance level. Bulls attempted to testify but failed to do so.
A strong buying impulse might smash the discussed level. Further, moving higher another hurdle could be seen at the critical 200-EMA (Exponential Moving Average) at $1.30.
An acceptance above the moving average will prompt investors to take out the psychological $1.50 mark.
On the contrary, a failure to sustain the session’s higher-level might result in the reversal of the price direction. It would hint at the lack of conviction among bulls to carry forward the gains. In that case, the ADA price would dive toward $1.0, which coincides with the 50-day EMA.
As of press time, ADA/USD holds at $1.22, up 4.93% for the day. The 24-hour trading volume of the seventh-largest cryptocurrency by the market cap reads at $2,283,130,740. The token tops the largest projects in the industry with a $40 billion market cap.
Technical indicators:
RSI: The daily Relative Strength Index moves sharply above the average line since March 16. It is still trading higher while approaching the overbought zone. The current reading is 63.
MACD: The Moving Average Convergence Divergence reads above the central line with strong bullish momentum.
Trading volume: The On-balance volume indicates a slow rise in demand as the price picks up the momentum.
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.
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Source: https://coingape.com/markets/cardano-price-prediction-ada-price-targets-1-50-above-200-ema/