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.
Technical indicators:
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.
Disclaimer
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 publication is not responsible for your personal financial loss.
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This post Cardano (ADA) Price Prediction: Face Upside Risk of 20%, Now’s the Time to Get Involved!
was published first on https://coingape.com/markets/cardano-ada-price-prediction-face-upside-risk-of-20-is-the-right-time-to-enter/
