ADA price rose sharply on Wednesday bucking up the previous session’s downside momentum. Cardano paused the pullback in the previous session and extended the gains today. The current price action set the background as bulls get ready for the rally to $1.0.
- ADA price trades higher in synchronization with the broader crypto market.
- The price hovers above 50-day EMA at $0.85 on the 4-hour chart.
- Bullish divergence on RSI might fuel next upside momentum.
As of press time, ADA/USD is exchanging hands at $0.85, up 6.72% for the day. The eight-largest cryptocurrency by market cap holds 24-hour trading volume at $1,027,768,780 as per the CoinMarketCap.
ADA price keep eyes on $1.0 as RSI shows a bullish divergence
On the 4-hour chart, after stabilizing near $0.79 reliable support level ADA price jumped nearly 7% to test the highs of $0.85. This also marks the crossing of 50-day EMA (Exponential Moving Average) at $0.85 for the first time since March 3.
Making bulls hopeful of further recovery toward the $0.90 horizontal resistance level. A decisive close above this price tag will motivate bulls to advance toward the March highs.
Investors can expect ADA price to revisit swing tops at $1.0 in a total ascent of 26% from the recent lows.
On the flip side, if the price slips below the 50-day EMA at $0.85 then the immediate downside target is placed at $0.80.
An extended sell-off will bring $0.75 in play next.
Technical indicators:
RSI: The daily Relative Strength Index shows bullish divergence since March 5 while the price is making lower lows. Currently, it reads at 56 any uptick in the indicator could strengthen the bullish outlook for the asset.
MACD: The Moving Average Convergence Divergence (MACD) trades below the midline but with an advancement in the bullish momentum.
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