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
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Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
