Cardano Price Analysis: ADA price forecasts a positive trend

ADA Still Remains Sideways No Major Pullback
  • ADA price surge from $1.21 to $1.42 on Saturday’s trading session
  • The 24-hour volume in ADA is at $4,904,343,056 with a 9.60% decrease
  • The ADA/BTC pair was trading at 0.00002298 BTC with a loss of 0.31%

The 4-hour technical chart of ADA price forecasts a positive trend. According to pivot points, ADA’s critical support level is placed at $1.30. Whereas if it moves up, the key resistance to watch is $1.55. While diving into the weekly chart of a 4-hour time frame, it completes a bearish pin bar candlestick pattern representing bearish reversal with low reliability.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is trying to sustain above EMA-13,21 (green, yellow), which projects a positive trend. The price is sustaining above 55-EMA (red). Investors may perceive positive crossover in the EMA sooner, or later negative crossover may happen, and the price will also follow the trend according to it.

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RSI indicator (NEUTRAL), with a value of 52, indicates a neutral signal in the coin. Moreover, Investors can see a slight downward slope from 56 to 52 in the index, which may surge in future trading sessions.

The volume of (13.38M) represents a low selling volume below the Volume MA (24.89M) of 20-days. High buying pressure is required in ADA to drive its price to higher levels.

Cardano (ADA) Price Remains Inside Accumulation Zone

ADA Price traded at $1.42 with a gain of 0.90% in the last 24-hour and 15.52% up in the weekly time frame. Furthermore, ADA bounced from the support of $1.30. In contrast, the market capitalization stands at $45 billion. Technically, investors can perceive a positive crossover in the EMA, and the price is sustaining above the 55-EMA. RSI index showcases an upward slope. Moreover, the price movement can be towards the resistance of $1.56 in future trading sessions.

Resistance: $1.56

Support: $1.30

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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