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Cardano Price Prediction: ADA Price Aims For $1.40 Amid Strong Buying Momentum

ADA price continues to trade higher with remarkable gains. The price opened higher this week and extended the gains to test the $1.16 level, last seen in February. The strong buying pressure is expected to hold on as the volume supported the current price action.

  • ADA price trades higher with significant gains on Saturday.
  • A decisive break above the $200-EMA targets $1.40 next.
  • ADA price surged nearly 36% on weekly basis.

As of publication time, ADA/USD trades at $1.13, up 3.60% for the day. The 24-hour trading volume of the seventh-largest cryptocurrency by market cap holds at $1,727,823,516 with a decline of more than 14%.

ADA price trades near one-month high

Source: Trading View

On the daily chart, the ADA price consolidates near the one-month highs tested on Thursday. However, it remains pressured below the psychological $1.20 mark. If the bulls preserve the buying momentum then it is possible to exploit the demand zone extending from $1.20 and $1.40.

On moving higher, a daily close above $1.20 will make bulls hopeful to revisit the critical 200-day EMA (Exponential Moving Average) at $1.30.

Next,  the market participant would flex their muscle to test the coveted $1.40 mark. The levels were last seen in January.

On the contrary, a break below the session’s low might trigger a fresh round of selling at ADA price. The first downside target could be found at the $1.0 level. An extended sell-off might explore the horizontal level placed at $0.86.

Technical indicators:

RSI: The daily Relative Strength Index made sharp moves above the average line since March 15. However, it retraced briefly after trading near the overbought zone while reading at 71. The current reading is at 68.

MACD: The Moving Average Convergence Divergence displayed a strong move above the midline with a renewed bullish bias.

Trading Volume: The On-Balance-Volume indicator rose above the oversold zone as the price zoomed.

 

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

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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