Cardano Price Prediction: ADA Price Breaks Below $1.20; Is $1.10 On The Cards?

ADA price fails to sustain the gains of the previous two sessions. The price face multiple rejections near the crucial resistance level at $1.24. However, since March 28 ADA price trading in a very tight range with no clear direction.

• ADA price edges lower with modest losses on Tuesday.
• Expect more downside if close below $1.20 on a daily basis.
• The negative divergence in the RSI on a shorter-time frame warns of aggressive bids.

ADA price trades sideways

Source: Trading view

On the 1-hour timeframe, the ADA price is trading inside a short-term trading range of $1.16 and $1.24. There is no clear directional bias as traders are advised for ‘Buy on Dip’ and ‘Sell on Rising’.

Currently, the price trades just above the critical 50-day EMA (Exponential Moving Average) at $1.19.But remains pressured to move beyond the session’s highs near $1.21.

Now, if the price falls below the session’s low with above average volumes then it could move toward the lower trading range placed at $1.16.

More downside cannot be ruled out toward the low of April 1 of $1.10.

On the contrary, if the price manages to stay around $1.20 then it would push the price toward the upper horizontal resistance level at $1.24.

Furthermore, an acceptance of the mentioned level will open the gates for $1.40 next.

As of press time, ADA/USD trades at $1.91, down 0.52% for the day. The eighth-largest cryptocurrency by market cap holds the 24-hour trading volume at $1,287,343,793 according to the CoinMarketCap.

Technical indicators:

RSI: On the 1-hour chart, the Relative Strength Index gives a negative divergence with the price. Any downtick in the indicator would heighten the probability of the downside risk.

MACD: The Moving Average Convergence Divergence holds above the mid-line but with a receding bullish momentum.

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