- ADA was one of the many cryptos that printed a gain over the past 24 hours.
- The altcoin was trading at $0.2899 following a price increase of 1.82%.
- Technical indicators suggest that ADA’s price may rise above the 50-day EMA line in the coming weeks.
Cardano (ADA) was one of the many cryptocurrencies that saw its price increase heading into the new month and week. According to CoinMarketCap, ADA was trading hands at $0.2899 following a 1.82% price rise. Technical indicators also suggest that the altcoin may rally in the coming weeks, potentially climbing as high as $0.3780.
Its daily gain left the altcoin trading closer to its daily high of $0.2929 than its 24-hour low of $0.2845 at press time. However, despite ADA’s success throughout the past day, the altcoin’s weekly performance was still down by more than 2%.
Meanwhile, ADA’s 24-hour trading volume stood at approximately $214 million after it saw a more than 50% decrease since yesterday. Ever since reaching its all-time high of $3.10 in September of 2021, the price of the altcoin has slipped by just more than 90% to trade at its current level.
Daily chart for ADA/USDT (Source: TradingView)
From a technical point of view, the altcoin’s price was trading above the 9-day and 20-day EMA lines. Should Cardano ADA’s price close a daily trading session above the two technical indicators, it will result in the two EMAs being flipped into support levels – creating a solid foundation for the crypto’s price to rise from in the coming week.
Following the daily close above the 9-day and 20-day EMA lines, investors and traders will want to continue monitoring the two technical indicators, as they may look to cross in the days that follow. The 9-day EMA line crossing above the 20-day EMA line will be a significant bullish flag for ADA, which will most likely result in ADA climbing to $0.3126.
Should this happen, ADA may look to challenge the 50-day EMA line as well. A daily close above this EMA line will most likely result in the altcoin soaring to $0.3780 in the following 2 weeks.
This bullish thesis will be invalidated if ADA fails to close a daily candle above the 9-day and 20-day EMA lines within the next week. In this scenario, ADA will be at risk of losing the support of $0.2757 and potentially dropping to $0.25.
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