ADA price remains pressured below the $1.0 psychological level, however, manages to print gains in today’s session. The price attempted to consolidate around $0.90 giving bulls hope to revive. But, Cardano’s price breaks below the 50-day EMA at $1.03 indicating the bearish sentiment in the asset.
ADA price trades with a positive bias on Tuesday.
More upside if the price is able to close above the 1.0 critical level toward $1.20.
However, if the ADA price fails to sustain the momentum $0.80 cannot be ruled out.
ADA price attempts to bounce back
ADA price consolidates near the swing highs of $1.26, this also forms the ‘double top’ formation. As a result, the price retraced 28% so far. Further, the ADA sellers sliced the 50-day EMA at $1.03 indicating the presence of the selling pressure.
Currently, the price hovers near the reliable support of around $0.90. In addition to that, it also forms the ‘inverted hammer. A bullish formation indicates the first upside filter at Sunday’s high of $1.06.
Next, the market participant would pull the sleeves to tag the horizontal resistance level at $1.20.
On the contrary, a break below the session’s low would invalidate the bullish thesis for the pair. In that case, the investors could explore the demand zone of $0.85 and $0.80 levels.
As of publication time, ADA/USD is exchanging hands at $0.96, up 4.60% for the day. The 24-hour trading volume is holding at $1,308,110,331 as updated by the CoinMarketCap.
RSI: The daily relative strength index fell below the average line on April 4. The oscillator hovers near the oversold zone, any uptick in the indicator would help bulls to lock in further gains.
MACD: The moving average convergence divergence indicates existing selling pressure. The broadening histogram below the central line suggests the price is still under pressure.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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