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ADA Price Prediction: Cardano (ADA) Prepares To Jumps Toward $1.0 Near Double Bottom

Cardano (ADA) price edges higher on weekends with significant gains. The upside faces rejection near $1.01 and retraced 20% to test the lows of $0.81. But ADA price respects the ‘double support’ near $0.80 as the asset is in preparation to move higher in the short term.

  • Cardano (ADA) trades higher on Saturday.
  • Expect more gains toward $1.0 as price finds support near the double bottom.
  • Bullish Divergence in RSI hints at a possible upside turn.

If the price sustains the session’s low then it will first take out the highs of March 3 at $0.96. The price action will test the bull’s patience and could further move higher to take out the psychological $1.0 mark.

ADA has found reliable support near $0.80 since February 21 while briefly breaking the level on February 24.

Source: Trading View

Technical indicators:

RSI: The daily Relative Strength Index (RSI) exhibits a positive divergence on the daily chart since February 22. Currently, reading at 38 with a positive bias.

MACD: The Moving Average Convergence Divergence (MACD) holds below the midline with no clear directional bias.

OBV: On the Balance Volume indicator trades negatively since January 22 and there is no sign of any reversal.

On the flip side, a shift in the bullish sentiment could exert downside pressure on ADA price with the immediate target at January lows of $0.74.

Furthermore, the price remains pressured below the 50-day Exponential Moving Average (EMA) at $1.05.

ADA price surged more than 20% from February 28 in an attempt to test the $1 psychological level. However, the bulls lack the conviction leading to a retracement. The pullback stopped until ADA finds a reliable support level around $0.80.

A renewed buying pressure from this area will be key in triggering a move to reclaim $1 followed by the $1.20 upside barrier.

 

 

 

 

 

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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