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.
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.
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