Over the past month, buyers of Cardano (ADA) have been unable to sustain their bullish momentum above the current resistance level.
Cardano price long-term forecast: bullish
The price of Cardano (ADA) has regained bullish momentum since January 26, 2024. The cryptocurrency broke above the moving average lines. In the last 24 hours, the uptrend has hit a first resistance at the high of $0.58. The current resistance level is the historical price from January 12, 2024.
Cardano is currently worth $0.57. If the current resistance level is broken, the cryptocurrency will rise to highs of $0.62 and $0.65. Conversely, if the bullish scenario fails, the altcoin could be forced to trade above the 21-day SMA but below the $0.58 resistance. In the meantime, the altcoin is trading below its previous high.
Analysis of the Cardano indicators
Cardano has continued to gain since its price rise on February 9, 2024, with the price bars remaining above the moving average lines. The uptrend is currently hitting a first barrier to its recent peak. On the 4-hour chart, the moving average lines are sloping north, indicating an uptrend.
Technical indicators
Key resistance zones: $0.50, $0.55, $0.60
Key support zones: $0.30, $0.25, $0.20
What is the next move for Cardano?
Cardano is trading in the positive trend zone and is trying to overcome the first resistance level at $0.58. It is predicted that the digital asset will continue to rise and reach its previous high of $0.65. On the upside, the long candlestick wicks are signalling strong selling pressure at higher price levels.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/cardano-before-the-hurdle/
