ADA price has continued to slide in a predefined range since the start of the week. The price opened lower but quickly recovered to test the session highs near $1.19. But failed to hold on to gains.

ADA price is trading in a very tight range with no meaningful price action. A decisive close above $1.20 will give bulls hope. The price is trading within the parallel channel with rising lows.

At the time of writing, ADA/USD is trading at $1.16, up 0.17% for the day. The ninth largest cryptocurrency’s 24-hour trading volume stands at $1,198,494,550 with a 35% loss.

ADA Price Trading Sideways

On the daily chart, ADA price is facing rejection near $1.25 as the price tested the highs at the start of the week. However, the bulls lack conviction to continue gains as the price pulled back to test the lows of 1.10 in the previous session. But the downside remains limited as the ADA price bounced back to 1.20.

Source: Trade View

In addition, the asset is trading within the ‘parallel’ channel with rising lows. The pattern is bullish but should give a daily candlestick above 1.20.

The first upward target was found in the 200-day EMA (Exponential Moving Average) at $1.30. Furthermore, ongoing buying pressure would push the price towards the vital $1.40 level.

On the other hand, if the price revisits the low of the previous session, it will invalidate the bullish theory for the asset. A break below $1.10 will intensify sales towards the horizontal support level of $1.0.

Technical indicators:

RSI: The daily Relative Strength Index is just hovering near the average line with no clear position. A rise in the indicator could bolster the upward outlook in the price.

MACD: The moving average convergence divergence diverges from the higher levels. Still holding above the central line.

Disclaimer

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 on-chain analysis to track the market.



This post ADA Price Consolidates Nearly $1.20; Is it time to buy?

was published first on https://coingape.com/markets/cardano-price-prediction-ada-price-consolidates-near-1-20-is-time-to-buy/

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