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.
advertisement
- 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
Trending Stories
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.
advertisement
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.
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
