Cardano Price Prediction: ADA Aims For $1.40 Amid Sustained Buying Momentum

By Rekha chauhan
April 4, 2022 Updated April 4, 2022
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Cardano Price Analysis: ADA Price Rally Reclaiming Crucial Resistance Of $1.5 

ADA price prints the gain for the second session in a row. However, trades in a very tight range with capped upside and downside limits.

  • ADA price edges higher as the fresh trading week begins.
  • More gains towards $1.40 if the price closes above the 200-day EMA.
  • The downside is capped near the $1.10 vital support level.

ADA price continues to move north

Source: Trading view

ADA price continues to trade in a short-term range of $1.10 and $1.25. The asset is expected to print gains as the volumes supported the current price action. As the price moved beyond the 50-day EMA (Exponential Moving Average) on March 23 with above an average volume. However, the price consolidates since then with declining volumes.

Now, a daily close above the $1.25 level will fuel the further upside rally in the prices. The bulls will face the first upside hurdle at the critical 200-day EMA (Exponential Moving Average) at $1.29. An acceptance above this level will produce an ultimate target of $1.40.

On the flip side, if the price slips below the session’s low then it would continue to move in a sideways manner. Further, the bulls would lose hope if the price breaks the vital support around $1.10.

In this case, the selling could intensify toward the 50-day EMA at $1.03.

As of publication time, ADA/USD is trading at $1.21, up 2.56% for the day. The 24-hour trading volume of the seventh-largest cryptocurrency is standing at $1,717,138,700 with more than 55% gains. A rise in the price along with volumes is a bullish sign for the asset.

Technical indicators:

RSI: The daily Relative Strength Index oscillates near the average line. The current reading is at 65 which indicates the market is still far from overheating.

MACD: The Moving Average Convergence Divergence convergence shows convergence in both averages. Investors should wait for a clear indication before making any decision.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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