NewsletterCardano Price Prediction: ADA Price Consolidates Near $1.20; Is Time To Buy?
ADA price continues to slide in a predefined range since the beginning of the week. The price opened lower but quickly recovered to test the session’s highs near $1.19. But failed to sustain the gains.
- ADA price trades in a very tight range with no meaningful price action.
- A decisive close above $1.20 will make bulls hopeful.
- The price trades inside the parallel channel with rising lows.
As of writing, ADA/USD trades at $1.16, up 0.17% for the day. The 24-hour trading volume of the ninth-largest cryptocurrency holds at $1,198,494,550 with a loss of 35%.
ADA price trade sideways
On the daily chart, ADA price faces rejection near $1.25, the price tested the highs as the week begins. However, the bulls lack the conviction to carry forward the gains as the price retreated to test the lows of 1.10 in the previous session. But, the downside remains limited as ADA price bounced back towards 1.20.
In addition to that, the asset trades inside the ‘parallel’ channel with rising lows. The pattern is bullish but needs to give a daily candlestick above 1.20.
The first upside target could be found in the 200-day EMA (Exponential Moving Average) at $1.30. Further, the sustained buying pressure would push the price towards the vital $1.40 level.
On the flip side, if the price revisits the previous session’s low then it will invalidate the bullish theory for the asset. A break below $1.10 will intensify the selling toward the horizontal support level at $1.0.
Technical indicators:
RSI: The daily Relative Strength Index hovers just near the average line with no clear stance. An uptick in the indicator could strengthen the upside outlook in the price.
MACD: The Moving Average Convergence Divergence recedes from the higher levels. Still holds above the central line.
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- BlackRock Bitcoin ETF’s Biggest Outflow Ever Sparks Panic, But Kiyosaki Stays Bullish
- Bitcoin Can Rebound Anytime So Long Capital Keeps Flowing In, Says CryptoQuant CEO
- Retail Investors in DAT More Likely to Lose Funds After $17B Market Wipeout: Bloomberg
- Harvard Boosts Bitcoin ETF Holdings 257% to $443M Amid Investor Withdrawals
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
- Ethereum Price Sheds 10% but Lands on the $3,150 Accumulation Base — Is a Buy-the-Dip Bounce Ahead?
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.
Premium Partners
