ADA price is trading at modest gains for the second day in a row. The price is dependent on the vital support level as the market is in extremely oversold conditions. ADA price may be preparing for a bullish impulse on a smaller time frame.
Cardano’s (ADA) price remains range-bound. A daily close above the 50-day EMA at $0.82 will yield more profits. The bullish divergence of the RSI on the 4-hour chart supports the near-term bullish outlook.
ADA price prepares for an upward reversal
Source: Trade View
On the 4-hour chart, Cardano (ADA) price has been consolidating in a very tight range of $0.75 and $0.80 since March 7. The price briefly broke the range, testing highs of $0.86 on March 9.
Currently, the price is scrambling to cross the crucial 50-day Exponential Moving Average (EMA) at $0.80, just below the $0.81 upward range.
A resurgence in buying sentiment could push the price to hit its first upward target of $0.86. Next, extended bullish momentum will bring $0.90 into play.
The trading volume is supportive as it rises along with the price. Sellers seem to be accumulating the token near the reliable support level.
On the downside, the price remains pushed below the bearish trendline from the March 5 highs at $0.88. Failing to break above the bearish descending line will invalidate the bullish outlook for the asset.
The immediate downward target is placed at the $0.78 horizontal support line.
Technical indicators:
RSI: The daily relative strength indicator shows bullish divergence with the price since March 16. The indicator is trading above the average line and keeping the bulls hopeful.
MACD: The moving average convergence divergence is trying to jump above the central line with a bullish bias.
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This post ADA Price Prediction: Likely $0.90 Revisiting on RSI Bullish Divergence
was published first on https://coingape.com/markets/ada-price-prediction-likely-to-revisit-0-90-on-rsi-bullish-divergence/
