Cardano (ADA) price is higher over the weekend with significant gains. The advantage is rejected near $1.01 and returned 20% to test the lows of $0.81. But ADA price respects the “double support” near $0.80 as it actively prepares to move higher in the near term.
Cardano (ADA) is trading higher on Saturday. Expect more gains towards USD 1.0 as the price finds support near the double bottom. Bullish Divergence in RSI signals a possible upward trend.
If the price continues its session low, it will first hit the March 3 highs at $0.96. The price action will test the bull’s patience and could rise further to eliminate the psychological $1.0.
ADA has found reliable support near $0.80 since Feb. 21, while breaking the level briefly on Feb. 24.
Source: Trade View
RSI: The daily Relative Strength Index (RSI) has shown positive divergence on the daily chart since February 22. He currently stands at 38 with a positive bias.
MACD: The moving average convergence divergence (MACD) remains below the midline with no apparent directional bias.
OBV: On the Balance Volume indicator, it has been trading negative since January 22 and there is no sign of a reversal.
On the downside, a shift in bullish sentiment could put downward pressure on ADA price, with the immediate target of the January low of $0.74.
In addition, the price remains pushed below the 50-day exponential moving average (EMA) at $1.05.
The ADA price jumped more than 20% as of Feb. 28 in an effort to test the $1 psychological level. However, the bulls lack the conviction that leads to a retracement. The pullback stopped until ADA found a reliable support level around $0.80.
Renewed buying pressure from this area will be key to triggering a move to recoup $1 followed by the $1.20 upward barrier.
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This post ADA Price Prediction: Cardano (ADA) Prepares to Jump to $1.0 Near Double Bottom
was published first on https://coingape.com/markets/ada-price-prediction-cardano-ada-prepares-to-jumps-toward-1-0-near-double-bottom/