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ADA price drops from the cliff in its recovery after forming a bottoming formation. However, this pullback might be a launching pad to be utilized by the investors to start another upside run. Still, the psychological $0.90 remains a challenge for the ADA buyers to cross.
- ADA price lost substantially on Thursday wiping all the previous gains.
- The recent price action made investors cautious about the fate of the token.
- A bounce-off above $0.90 could trigger a 33% upswing to $1.20.
ADA price prepares for healthy gains
ADA price nosedive since January 18, with a depreciative move of 65%, and tested the lows around $0.70.The downswing was immediately traced by the bulls and recorded a move of 45% to the swing highs of $1.20. However, the bulls are not convinced about the further gains and breached the previous set’s lower range. It briefly tasted $0.73. But, soon makeup to the previously set horizontal support zone.
From the technical perspective, the oversold indicators point to a relief rally of $1.0. If the investors are able to flip the resistance level into support then next it has the potential to take out $1.20.
On the flip side, the ADA price is in a long-term downward trend as it marked all-time highs of $3.09 in September. Since then, every new series formed a new low base for the token.
Talking about the same theory, a failure to hold $0.74, the record low will set the path for a fresh downside in the asset.
Technical indicators:
RSI: The daily relative strength index trades at 42 although above the average line. A sharp spike on Wednesday could not sustain the upside move.
Moving Averages: The price remains pressured below both 200-day and 50-day EMAs.
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