ADA price extends the gains for the fourth straight day. The price tested monthly high around $1.17. Investors are ready to lock in further gains as the price move beyond the 50-day EMA since September.
- ADA price prints noticeable gains on Thursday.
- More gains above the 200-EMA towards $1.50.
- The momentum indicators support the bullish outlook.
ADA price continues to gain
On the daily chart, after forming the rounding bottom the MANA price pierced above the 50-day EMA (Exponential Moving Average) at $0.95 on Tuesday. The rise in prices is supported by stronger volumes. The current price action instills faith among investors. However, to attain further gains strong buying pressure is required.
On moving higher, the first upside target could be found at the 200-EMA at $1.32. This also marked the highs attained after nearly two months.
An acceptance above $1.32 will set the path for the psychological $1.50 level.
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On the other hand, if the price closes below $1.0 a spike in a sell order will reverse the price direction. In addition to that, the vital support placed at the 50-day support would be the last hope for bulls. If broken with the vogue of selling pressure ADA price will revisit the lows 0f $0.77.
As of writing, ADA/USD trades at $1.71, up 0.62% so far. The seventh-largest cryptocurrency by the market cap sustains the 24-hour trading volume at $4,096,811,977 with 66% gains. A rise in volume along with rising in price is a bullish sign.
Technical indicator:
RSI: The daily Relative Strength Index rose sharply from 49 to 70 in four days. This indicates the strong underlying bullish undercurrent.
MACD: The Moving Average Convergence Divergence traded above the midline with advancing bullish momentum.
OBV: The On Balance Volume (OBV) remained in the oversold zone. But showing signs of development since March 20.
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