Cardano’s (ADA) price manages to trade in green on Friday following the previous two session’s declines. ADA price action shows resilience near the psychological level of support at $1.00. The containing of the critical level indicates a reduction in the bearish bias.
- Cardano’s (ADA) price trades higher as the weekend begins.
- ADA finds multiple support near the critical level of $1.01.
- Expect an upside of 20% from the current reading.
As of press time, ADA/USD is trading at $1.03, up 1.41% for the day. The seventh-largest cryptocurrency by market cap holds the 24-hour trading volume of $1,067,701,311 with gains of nearly 7% as per the CoinMarketCap.
As per the on-chain analyst, Ali Martinez’s activity on the Cardano (ADA) network has surged exponentially with the number of new daily addresses jumping from 167% to 112,500.
Cardano (ADA) awaits for U-turn
On the daily chart, Cardano’s (ADA) price has formed a ‘rectangle formation’ as the price has been trading in a short-term consolidation of $1.01 and $1.26 since January 23. ADA price has dropped below the 50-day Simple Moving Average (SMA) at $1.23.
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However, ADA bulls need strong conviction to pull up the price toward the $1.10. Next, market participants will jump toward the upper trend line of the rectangle formation at $1.27.
Alternatively, a failure to sustain the lows of $1.01 will trigger the fresh round of selling opportunity aiming for an all-time new low.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) holds near 40 with a neutral stance. If the indicator crosses above the moving average line then it can support the bullish thesis.
MACD: The Moving Average Convergence Divergence (MACD) trades below the mid-line suggesting bulls still needs confirmation to continue the upside.
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