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.
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.
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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.
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