ADA price rose sharply on Wednesday, reinforcing downward momentum from the previous session. Cardano paused the pullback in the previous session and extended the gain today. The current price action set the backdrop as bulls gear up for the rally towards $1.0.
ADA price is trading higher in sync with the broader crypto market. The price is hovering above the 50-day EMA at $0.85 on the 4-hour chart. Bullish divergence on RSI could fuel next upward momentum.
At the time of writing, ADA/USD is trading at $0.85, up 6.72% for the day. The eight largest cryptocurrency by market capitalization has a 24-hour trading volume at $1,027,768,780 according to CoinMarketCap.
ADA price keeps an eye on $1.0 as RSI shows bullish divergence
Source: Trade View
On the 4-hour chart, after stabilizing near $0.79, ADA price’s reliable support level rose close to 7% to test the $0.85 highs. This also marks the crossing of the 50-day EMA (exponential moving average) at $0.85 for the first time since March 3.
Bulls are making hopes for further recovery towards the $0.90 horizontal resistance level. A decisive close above this price tag will motivate bulls to push towards the March highs.
Investors can expect ADA price to revisit the swingtops at $1.0 in an overall increase of 26% from recent lows.
On the other hand, if the price drops below the 50-day EMA at $0.85, then the immediate downward target is placed at $0.80.
An extended sale will then put $0.75 into play.
RSI: The daily Relative Strength Index has been showing bullish divergence since March 5 as the price makes lower lows. Currently, it stands at 56 that any rise in the indicator could bolster the bullish outlook for the asset.
MACD: The Moving Average Convergence Divergence (MACD) is trading below the midline but progressing in bullish momentum.
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This post ADA Price Prediction: Price Remains Above $0.85, Next Target Is $1.0?
was published first on https://coingape.com/markets/ada-price-prediction-price-sustains-above-0-85-is-next-target-placed-at-1-0/