fxs_header_sponsor_anchor

Cardano Price Prediction: ADA bulls to regain control amid golden cross on hourly chart

  • ADA/USD consolidates the pullback from three-month lows on Saturday.
  • Golden cross formation spotted on the hourly chart; RSI still bullish.
  • Bulls are likely to regain control, eyeing a break above $0.10 mark.

Following a two-day robust recovery from three-month troughs, Cardano (ADA/USD) bulls are catching a breath this Saturday, awaiting a fresh impetus for the next push higher.

The price pulled back from just below the $0.10 level in today’s trading so far, but remained well supported above the 23.6% Fibonacci retracement level of the latest corrective move higher from multi-month lows of 0.0755 reached last Wednesday.

As we write, the bulls are trying hard to regain ground above the upward-sloping 21-hourly Simple Moving Average (HMA) at $0.0962.

A fresh advance could be fuelled above the latter, as the fierce resistance at $0.10 will be back on the buyers’ radars.

The next upside target sits just above $0.1040, the confluence of the September 4 and 5 highs.

The hourly Relative Strength Index (RSI) has turned south, currently at 54.57, still holds above the midline. The main technical formation suggesting more scope to the upside is the golden cross spotted in the last hours, with the 50-HMA having pierced above the horizontal 200-HMA.

If the tide turns against the ADA bulls following a break below the aforesaid 23.6% Fibonacci level of $0.0940, a steep drop towards the 38.2% Fibo level of the same rebound at $0.0904 cannot be ruled.

All in all, the path of least resistance appears to the upside but the bulls may have a hard time at cracking the $0.10 barrier.

ADA/USD: Hourly chart

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.