ADA price trades higher on Wednesday as the bulls seem to be back in action. A green candlestick suggests the presence of the underlying bullish undercurrent. The price managed to claim the psychological $0.80 mark after a brief stint near $0.73. In addition to that, an average volume indicates that the price might ignore any bearish sentiment as of now. Still, the ADA buyers must meet a few challenges before moving north.
- ADA price prints gain for the first time in a while with strong buying momentum.
- Expect a run-up to tag the swing high of $1.0 after clearing the $0.85 hurdle on a daily closing basis.
- Intraday volume supports the bullish move with a more than 7% rise at $784,977,199.
ADA price trades near an inflection point
On the daily chart, the ADA price dragged lower from the recent highs of $1.24 made on April 4, a descent of nearly 40%. As we can see on the chart, the ADA buyers muster the strength around long-time horizontal support placed near $0.70. BTC price continues to trade lower since it made lifetime highs around $3.09 in August.
Currently, the price oscillates near a make or break zone. Now, the reason to have a bullish view on the coin is that $0.75-$0.80 contains a reliable support ground.
Now, a strong green candlestick prompts investors to build up a long position. In the journey, the first upside hurdle that needs to be crossed is the highs made on April 27 at $0.85. In addition to that, a sustained buying pressure would clear the way toward the ultimate target of $1.0.
Conversely, a shift in the bullish sentiment might put a question on the bullish outlook on the asset. If the price closes below the session’s low this would result in meeting the fresh new lows.
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As of press time, ADA/USD reads at $0.81, up 5.98% gains so far.
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