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.


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

This post ADA Price Prediction: Breakout Above $0.85 Makes or Breaks Movement; Is $0.95 next?

was published first on


Write A Comment