Sign Up on MEXCCardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
ADA price gathers strength following the previous sessions’ decline. Although, retreats from the day’s high still hold the majority of the gains. We expect the continuation of the upside momentum as per the current market structure.
- ADA price edges higher extending the previous week’s late relief rally.
- The recent price action suggests a potential 22% rise from the current levels.
- A decisive break below $0.50 would wipe out any bullish hope for the token.
ADA price looks upside
On the daily chart, the ADA price trades with a positive bias. The price remains pressured below the $0.60 mark but at the same time, the downside is also capped. The setup indicates ADA range-bound price action, which could give a breakout in any direction. But with the oversold market conditions, there is a higher probability ADA would move further higher.
1-hour chart
Looking at the 1-hour chart, the ADA price overstepped the critical crossover of the 50-day and 100-day EMAs (Exponential Moving Average), which is a positive sign for the asset.
A decisive trade above $0.60 would extend the bullish pullback to the highs made on May 11 at $0.66 followed by the horizontal resistance zone plotted at $0.75.
On the flip side, a spike in the sell orders would ruin the prospects of any higher movement. A fall below the session’s low would trigger another round of selling with the immediate downside target near $0.40.
ADA price has been in a long-term downside trend after tagging record highs at $3.09 in September. Since then, the token depreciated 76% to the recent lows of $0.39.
As of publication time, ADA/USD is exchanging hands at $0.57 up 3.09% for the day. According to CoinMarketCap, the 24-hour trading volume of the seventh-largest coin is holding at $978,944,775.
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
