ADA price is finding strong resistance near the $1.20 level as the price failed to break above the level in the past three to four sessions.

ADA price edged lower with significant losses on Thursday. The bulls failed to rise above $1.20, indicating a lack of buyer conviction. The RSI shows negative divergence on the daily chart

ADA price consolidates

ADA price continues to trade sideways near the higher levels with minimal losses. The USD 1.15 support-turned-resistance remains a critical level for trading. Increased selling pressure can result in a price drop at least in the short term.

If the price falls below $1.15 on a daily close, it could test the $1.0 psychological level. This would be a major setback for the bulls.

An extended sell-off could further leverage the March 23 lows at $0.95.

On the downside, a shift in bullish sentiment and if the price can support the lower level of the session would make the bulls hopeful. Moving higher could find the first upward target at $1.25.

Next, market participants would approach the critical 200-EMA (exponential moving average) at $1.30.

At the time of writing, ADA/USD is trading at $1.15, down 3.28% for the day. The eight largest cryptocurrency by market cap stands at $1,669,029,044 with a gain of 16%.

An increase in volume with a decrease in price is a bearish sign for the price.

Technical indicators:

RSI: The daily Relative Strength Index is still trading above the average line. However, it went back from the higher tiers. The indicator shows negative divergence with the price indicating imminent bearish momentum in the asset.

MACD: Moving Average Convergence Divergence remains above the midline, but with bullish sentiment waning. A decline in the oscillator would reinforce the negative outlook for the price.

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.

About the author

Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.



This post Cardano Price Prediction: ADA Price Stays Pushed Below $1.20; Is $0.95 next?

was published first on https://coingape.com/markets/cardano-price-prediction-ada-price-remains-pressured-below-1-20-is-0-95-next/

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