Cardano Price Prediction: ADA Price Bounce Back To $0.90; Is Worth Buying?

By Rekha chauhan
April 18, 2022 Updated April 18, 2022
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Cardano Price Analysis: ADA Price Rally Reclaiming Crucial Resistance Of $1.5 

ADA price extends the previous session’s losses on Monday. The price consolidates near the lower levels as it approaches a crucial bottom reversal pattern. The formation of the ‘Doji’ candlestick suggests a tug of war between bulls and bears.

  • ADA price started the session on a lower note but recovered some of the early losses.
  • Investors could find some good opportunities near the vital support placed at $0.85.
  • Expect a bounce back from the current levels toward $1.10.

As of publication time, ADA/USD trades at $0.89, down 1.72% for the day. The eighth-largest cryptocurrency holds a 24-hour trading volume of $993,413,303 as per the CoinMarketCap.

ADA price consolidates near the support levels

Source: Trading view

ADA price is in a long-term downside movement since the record highs made in September. However, the price bounced back nearly 35% from the all-time-low of February. Furthermore, the price remains pressured below the 200-day EMA (Exponential Moving Average) at $1.29.

Currently, the ADA price is hovering near the mentioned lower levels. From the daily chart, it can be assumed ADA is under a bullish reversal pattern as a “morning reversal pattern’. To complete this pattern, a daily candlestick above $0.92 would be required.

Next, an acceptance above the highs of April 14 at $0.98 would confirm the reversal of the prevailing trend at least in the short term. Investors would be encouraged to take out the horizontal resistance level at $1.10.

While things look optimistic for ADA price, still a fall below the session’s low would amplify the ongoing selling pressure on the asset. On moving lower, the price would revisit the lows of March 10 at $0.78.

The relative strength index (RSI) trades near the oversold zone below the average line. Any downtick in the indicator would advocates for the bearish outlook.

 

 

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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