- A close below the 20 EMA, which was at $0.70, could drag ADA further down.
- On-chain metrics indicated a healthy Cardano network, suggesting a short-term recovery.
- Bulls no longer dominated XRP’s price action as the next target could be close to $0.54.
Cardano’s (ADA) price rallied to $0.76 on March 2 as altcoins in the market continued to jump. The uptrend meant ADA’s value had increased by 21.89% in the last seven days. Ripple (XRP) also registered a similar performance as the price reclaimed $0.62.
However, ADA’s upswing had slowed down at press time. According to the 4-hour ADA/USD chart, the value decreased by 1.98% in the last 24 hours. An in-depth analysis of the price revealed that ADA faced a barrier at $0.69.
But bulls were able to push above the resistance by banking on the $0.67 support when the price retraced. As of this writing, ADA’s price has decreased to $0.71. However, the Exponential Moving Average (EMA) indicated that the token could experience another upswing.
ADA Is Caught In Between the Sticks
At press time the 9 EMA had flipped the 20 EMA (yellow), suggesting a bullish trend. However, traders might need to watch as …
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