ADA price prints gains for the second session in a row. However, it trades in a very tight range with limited upside and downside limits.
The ADA price is higher as the new trading week begins. More gains towards $1.40 as the price closes above the 200-day EMA. The downside is limited to the key support level of $1.10.
ADA Price Continues to Move North
Source: Trade View
ADA price continues to trade in the $1.10 and $1.25 ranges in the near term. The asset is expected to deliver gains as volumes supported the current price action. When the price moved above the 50-day EMA (exponential moving average) on March 23 with an above-average volume. However, the price has since been consolidating with declining volumes.
Now, a daily close above the $1.25 level will fuel further upward rally in prices. The bulls will face the first upside hurdle at the critical 200-day EMA (exponential moving average) at $1.29. An acceptance above this level will yield a final target of $1.40.
On the other hand, if the price drops below the session low, it would continue to move sideways. Furthermore, the bulls would lose hope if the price breaks the vital support around USD 1.10.
In this case, the sale could increase towards the 50-day EMA at $1.03.
At the time of publication, ADA/USD is trading at $1.21, up 2.56% for the day. The seventh largest cryptocurrency’s 24-hour trading volume stands at $1,717,138,700 with over 55% gains. A rise in price along with volumes is a bullish sign for the asset.
RSI: The daily Relative Strength Index hovers around the mean line. The current value is at 65, indicating that the market is far from overheating.
MACD: The Moving Average Convergence Divergence convergence shows convergence in both averages. Investors should wait for a clear indication before making a decision.
The post Cardano Price Prediction: ADA Targets $1.40 Amid Continued Buying Momentum appeared first on CoinGape.
This post Cardano Price Prediction: ADA Targets $1.40 Amid Continued Buying Momentum
was published first on https://coingape.com/markets/cardano-price-prediction-ada-aims-for-1-40-amid-sustained-buying-momentum/