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.
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.
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.
Dogecoin price has crashed in the past few weeks as it moved into a bear…
The Solana price has regained stability above $180 after several volatile weeks. SOL price continues…
Ethereum price is gaining renewed attention as analysts highlight what they call the “perfect time…
BNB price is showing renewed strength as it attempts to reclaim higher ground toward the…
XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…
The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…