Cardano Price Prediction: ADA Price Breaks Below $1.20; Is $1.10 On The Cards?

Rekha chauhan
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Cardano price

ADA price fails to sustain the gains of the previous two sessions. The price face multiple rejections near the crucial resistance level at $1.24. However, since March 28 ADA price trading in a very tight range with no clear direction.

  • ADA price edges lower with modest losses on Tuesday.
  • Expect more downside if close below $1.20 on a daily basis.
  • The negative divergence in the RSI on a shorter-time frame warns of aggressive bids.
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ADA price trades sideways

Source: Trading view

On the 1-hour timeframe, the ADA price is trading inside a short-term trading range of $1.16 and $1.24. There is no clear directional bias as traders are advised for ‘Buy on Dip’ and ‘Sell on Rising’.

Currently, the price trades just above the critical 50-day EMA (Exponential Moving Average) at $1.19.But remains pressured to move beyond the session’s highs near $1.21.

Now, if the price falls below the session’s low with above average volumes then it could move toward the lower trading range placed at $1.16.

More downside cannot be ruled out toward the low of April 1 of $1.10.

On the contrary, if the price manages to stay around $1.20 then it would push the price toward the upper horizontal resistance level at $1.24.

Furthermore, an acceptance of the mentioned level will open the gates for $1.40 next.

As of press time, ADA/USD trades at $1.91, down 0.52% for the day. The eighth-largest cryptocurrency by market cap holds the 24-hour trading volume at $1,287,343,793 according to the CoinMarketCap.

Technical indicators:

RSI: On the 1-hour chart, the Relative Strength Index gives a negative divergence with the price. Any downtick in the indicator would heighten the probability of the downside risk.

MACD: The Moving Average Convergence Divergence holds above the mid-line but with a receding bullish momentum.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.