Cardano (ADA) price manages to trade in green on Friday after the declines of the previous two sessions. ADA price action shows resilience near the $1.00 psychological support level. Containing the critical level indicates a reduction in the bearish bias.
The price of Cardano (ADA) gets higher as the weekend kicks in. ADA finds multiple support near the $1.01 critical level. Expect a 20% increase in present value.
At the time of writing, ADA/USD is trading at $1.03, up 1.41% for the day. The seventh largest cryptocurrency by market capitalization has the 24-hour trading volume of $1,067,701,311 with gains of nearly 7% according to CoinMarketCap.
According to the on-chain analyst, Ali Martinez’s activity on the Cardano (ADA) network has grown exponentially, with the number of new daily addresses rising from 167% to 112,500.
Cardano (ADA) waiting for U-turn
On the daily chart, Cardano’s (ADA) price has formed a “rectangle formation” as the price has been trading in a short-term consolidation of $1.01 and $1.26 since Jan. 23. The ADA price has fallen below the 50-day Simple Moving Average (SMA) at $1.23.
Source: Trade View
However, ADA bulls need strong conviction to pull the price towards $1.10. Next, market participants will jump to the upper trendline of the rectangle formation at $1.27.
Alternatively, failing to sustain the $1.01 lows could lead to another round of opportunities targeting an all-new low.
RSI: The Daily Relative Strength Index (RSI) is holding close to 40 with a neutral stance. If the indicator moves above the moving average line, it may support the bullish these.
MACD: The Moving Average Convergence Divergence (MACD) is trading below the midline, suggesting that bulls still need confirmation to continue the upward point.
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This post Cardano (ADA) Price Prediction: Face Upside Risk of 20%, Now’s the Time to Get Involved!
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