- Cardano ADA Gains Momentum Retesting the Resistance at $0.0900 in Market-wide Rally
- Cardano ADA has Been Consolidating Since Yesterday After Reaching Three-Month lows
ADA Price Prediction – The bearish momentum of Cardano ADA has been intense over the last few weeks as the token declined significantly against the USD losing all the post-Shelley gains. For the last few days, however, the ADA token has been consolidating its three-month-long. Yesterday alone, the ADA token surged by more than 10% within less than 24 hours. All the technical indicators show that the bulls are taking full control of the market. Before we can confirm the bullish momentum, the token must rise above the crucial resistance at $0.1000 level.
ADA Price Prediction 2020 – Cardano ADA Must Rise Above the $0.1000 Level
At the time of writing, the price of the ADA token was $0.094176. this means that it is up by 6.47% against the USD and up by 7.71% against Bitcoin BTC. The trading volume and market capitalization have been on the rise as well. The relative strength index is bullish and there is currently a golden cross formation on the hourly chart. The bulls are gathering momentum but we cannot confirm that the bulls have taken control over the bears until the token can rise above the $0.1000 level.
The last attempt ADA made to test the $0.1000 level was cut short as there is a lot of bearish pressure just above this level. the good news is that the token remained above the 23.6% fib retracement level of the last drop to 0.0755. If the bulls can take the price of the token above the $0.1000 level, the buyers will come back to the market and fuel higher highs. The next resistance after this level will be at the $0.1040 level.
The relative strength index is now moving above the 54.57 level. This isn’t bearish but it isn’t as bullish as we would like. A higher relative strength at the 60 or even 70 levels will show that the bulls have complete control of the market. There are three possible price actions for Cardano ADA in the next few trading sessions. ADA might continue to hover above the $0.0900 level pending a more significant change in price. If the bulls hold the line and take the ADA token above the $0,1000 level, it will face a brief bearish correction before resuming the bullish rally. On the other hand, the price of ADA token might move lower against the USD until it retests recent lows. The entire market is enjoying the bull rally and the price action of Bitcoin will determine what direction the price will take.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
