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
Source: Trading View
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.
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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