ADA price trades with a negative bias on Friday. The price opened lower but quickly recovered to the session’s high. But, the continuation of the upside momentum seems limited now. The formation of a ‘double’ top formation suggests some profit booking in ADA price.
- ADA price fails to capitalize on the previous session’s gains.
- More downside toward $0.90 near 50-day EMA.
- The momentum oscillators tilt in favor of bears.
ADA price gains look reversible
On the daily chart, the ADA price took some breather near $1.16 after printing gains for four sessions consecutively. But, it seems buyers are not convinced of further upside moments in the asset. Now, a daily close below the session low will bring more downside into play.
If the price moves below the psychological $1.0 level then the first downside target could be found at the 50-day EMA (Exponential Moving Average) at $0.95.
An extended sell-off might expose the horizontal support line at $0.90.
On the contrary, a shift in bullish sentiment followed by a next green candle on the daily chart will bring bulls back into action. On moving higher, the first upside target is placed at $1.20.
Trending Stories
ADA price depreciated nearly 100% from record highs of 3.09 made in September.
Next, market participants meet the upside hurdle at the 200-EMA of $1.30.
As of publication time, ADA/USD is trading at $1.09, down 3.21% for the day. The 24-hour trading volume of the seventh-largest cryptocurrency holds at $2,435,677,430 according to the CoinMarketCap.
Technical Indicators:
RSI: The daily Relative Strength Index reached the overbought zone in the previous session. This, suggested market was overheated.
MACD: The Moving Average Convergence Divergence traded above the mid-line with a neutral stance.
Trading Volume: The On Balance Volume indicator holds near the oversold zone.
- Crypto Proponent Outlines Catalysts For Bitcoin’s Next Bull Run, Time To Buy?
- Terra’s UST Causes A 20% Dump In DeFi Token Curve (CRV), Here’s How
- Can Tron Fill The Hole In DeFi Left By Terra?
- Terra Crash Causes Ripple Effect Among Crypto Startups, Here’s How
- Bitcoin (BTC) To Slip Further Below $29K Today, Where’s The Bottom?
- LUNA, UST Volatility Spikes As Voting On Terra Fork Begins
- Panama Delays Legalizing Crypto On This Major Factor
- Big Investors in Terra LUNA Finally Break Silence, Here’s What They Have to Say
- Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?
- Just In: Russia Minister Hints At Bitcoin Payments Nod
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
