Cardano Price Prediction: ADA Price Aims For $1.40 Amid Strong Buying Momentum
ADA price continues to trade higher with remarkable gains. The price opened higher this week and extended the gains to test the $1.16 level, last seen in February. The strong buying pressure is expected to hold on as the volume supported the current price action.
- ADA price trades higher with significant gains on Saturday.
- A decisive break above the $200-EMA targets $1.40 next.
- ADA price surged nearly 36% on weekly basis.
As of publication time, ADA/USD trades at $1.13, up 3.60% for the day. The 24-hour trading volume of the seventh-largest cryptocurrency by market cap holds at $1,727,823,516 with a decline of more than 14%.
ADA price trades near one-month high
On the daily chart, the ADA price consolidates near the one-month highs tested on Thursday. However, it remains pressured below the psychological $1.20 mark. If the bulls preserve the buying momentum then it is possible to exploit the demand zone extending from $1.20 and $1.40.
On moving higher, a daily close above $1.20 will make bulls hopeful to revisit the critical 200-day EMA (Exponential Moving Average) at $1.30.
Next, the market participant would flex their muscle to test the coveted $1.40 mark. The levels were last seen in January.
On the contrary, a break below the session’s low might trigger a fresh round of selling at ADA price. The first downside target could be found at the $1.0 level. An extended sell-off might explore the horizontal level placed at $0.86.
Technical indicators:
RSI: The daily Relative Strength Index made sharp moves above the average line since March 15. However, it retraced briefly after trading near the overbought zone while reading at 71. The current reading is at 68.
MACD: The Moving Average Convergence Divergence displayed a strong move above the midline with a renewed bullish bias.
Trading Volume: The On-Balance-Volume indicator rose above the oversold zone as the price zoomed.
- Japanese Gaming Firm Gumi to Boost Treasury With BTC, XRP After $38M Raise
- BNB Leads Crypto Market Rally With Fresh All-Time High, Expert Sees $5000 Upside
- Billionaire Ray Dalio Calls Bitcoin “Alternative Money” as BTC Profit-Taking Tops $3.7B Amid $120K Rally
- Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
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.
