ADA price extends the previous session’s gains on Tuesday. ADA inches closer to moving beyond the critical $1.0 mark. After testing the swing highs of $1.63 in January, the price retraced 54% to the lows of $0.74.
- ADA price prints handsome gains following the previous week’s trend.
- A decisive close above $1.0 will produce another rally toward $1.40.
- The momentum oscillators favor the bullish outlook in the short term.
ADA price continues to move north
On the daily chart, ADA price is tracking the gains after bottoming out near $0.78. The price retraced from the psychological $1.0 mark on March 1, but the downside is capped in the range of $0.75 and $0.78. ADA price tested multi-week highs of $0.94 with above an average volumes, which suggests the upside movement is here to stay, at least in the short-term.
Investors will face an immediate upside barrier at the $1.0 mark. An acceptance above this level will set the path for the horizontal resistance level at $1.20.
A sustained buying pressure will knock out the critical 200-SMA (Simple Moving Average) at 1.31. Next, market participants will keep their eyes on $1.40.
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On the contrary, a shift in the buying sentiment might reverse the price direction. Investors could collect liquidity near the crucial $1.0 mark, and further prices might move back to the sideways movement.
Technical indicators:
RSI: The daily Relative Strength Index crossed above the average line on March 15 indicating the underlying bullish current. It stands at 58.
MACD: The Moving Average Convergence Divergence oscillating below the central line for three-month. Still, it crawls lower but with a bullish bias.
As of publication time, ADA/USD is trading at $0.94, up 2.99% for the day. The 24-hour trading volume of the eight largest cryptocurrency by market cap holds at $1,514,792,531 as per the CoinMarketCap.
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