ADA price is unable to support gains from the previous two sessions. The price is facing multiple rejections near the crucial $1.24 resistance level. However, since March 28, ADA price has been trading in a very narrow range with no clear direction.
ADA price edged lower with modest losses on Tuesday. Expect more downside if it drops below $1.20 daily. The negative divergence in the shorter-term RSI warns against aggressive bidding.
ADA price is trading sideways
Source: Trade View
On the 1-hour time frame, the ADA price is trading within a short-term trading range of $1.16 and $1.24. There is no clear direction bias as traders are advised to ‘Buy on Dip’ and ‘Sell on Rising’.
Currently, the price is trading just above the critical 50-day EMA (exponential moving average) at $1.19. But it remains under pressure to move beyond the session highs near $1.21.
Now, if the price drops below the session low with above-average volumes, it could move towards the lower trading range of $1.16.
More downside cannot be ruled out towards the April 1 low of $1.10.
On the contrary, if the price manages to stay around $1.20, it would push the price towards the upper horizontal resistance level of $1.24.
In addition, an acceptance of the said level will open the gates for $1.40 after this.
At the time of writing, ADA/USD is trading at $1.91, down 0.52% for the day. The seventh largest cryptocurrency by market capitalization keeps its 24-hour trading volume at $1,287,343,793 according to CoinMarketCap.
RSI: On the 1 hour chart, the Relative Strength Index shows a negative difference with the price. Any drop in the indicator would increase the likelihood of downside risk.
MACD: Moving Average Convergence Divergence remains above the midline but with declining bullish momentum.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post ADA price breaks below $1.20; Is $1.10 on the cards?
was published first on https://coingape.com/markets/cardano-price-prediction-ada-price-breaks-below-1-20-is-1-10-on-the-cards/