ADA price is trading with a positive bias on Thursday. After opening a higher Cardano (ADA) price, momentum held and managed to break the short-term resistance which is at $0.85. was posted
ADA price trades with modest gains. A breakout above $0.85 points to more gains towards $0.95. The momentum oscillators appear favorable for upward momentum.
ADA Price Attempts Upward Breakthrough
Source: Trade View
On the four chart, ADA price completes a ’round’ bottom formation. The technical pattern is generally formed in a long-term downtrend. Sellers are getting exhausted and looking for signs of reversal as the lows are in a very tight range.
Looking at the current price action, the lows since March 10 have remained capped in the $0.75-$0.78 range. In addition, the upside limit was around $0.80-$0.82. In today’s session, ADA price finally broke the short-term range as it tests the psychological $0.85 level.
Now it will be interesting to see if bulls can maintain the upward momentum. The recent increase also coincides with the crossing of the 50-day SMA (Simple Moving Average) at $0.81. The move is further supported by above-average volume. This summarizes the reliable upward breakout of the trading range.
Continuing buying pressure will first target the crucial horizontal resistance level of $0.90. This will also coincide with the crossing of the 200-day EMA (exponential moving average).
Next, bulls will try to hit the final target of $0.95.
On the downside, a break below the 50-day SMA will invalidate the bullish outlook for the asset. Again, the ADA price will fall within the known trading range with a $0.75 downside.
Technical indicators:
RSI: The 4-hour Relative Strength Index is broadening above the average line with a strong bullish bias. He’s at 61.
MACD: The moving average convergence divergence is moving above the centerline with an upward tendency.
As of publication, ADA/USD is trading at $0.84, up 0.29%. The 24-hour trading volume of the eight largest cryptocurrency stands at $1,204,710,421 according to CoinMarketCap data.
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This post ADA Price Prediction: Breakout Above $0.85 Makes or Breaks Movement; Is $0.95 next?
was published first on https://coingape.com/markets/ada-price-prediction-a-breakout-above-0-85-make-or-break-movement-is-0-95-next/
