The price of Cardano (ADA) has recovered after breaking above the 50-day SMA. The bullish momentum is expected to peak above the 21-day SMA barrier.
Cardano price long-term forecast: bearish
On the upside, Cardano will return to its previous high of $1.01. The price is currently trading above the 50-day SMA support but below the 21-day SMA barrier. If buyers fail to sustain the price above the 21-day SMA barrier, the ADA price will be forced to trade in a range between the moving average lines.
However, the selling pressure will return if the ADA price falls below the 50-day SMA support line. The altcoin will fall and return to its previous low of $0.78. Yesterday, the uptrend reached a high of $0.84.
ADA price indicators analysis
The daily chart shows that the price is above the 50-day SMA support but below the 21-day SMA barrier. The cryptocurrency is expected to move in a range between the moving average lines. ADA will move higher after breaking above the 21-day SMA.
The price bars on the 4-hour chart are above the moving average lines, suggesting that the price of the cryptocurrency will keep rising.
Technical Indicators
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Key Resistance Zones: $1.20, $1.30, and $1.40 -
Key Support Zones: $0.90, $0.80, and $0.70
What is the next move for Cardano?
Cardano continues to trade above the $0.80 support but below the $0.86 barrier on the 4-hour chart. The 50-day SMA hampered today’s upward price surge. The crypto price fluctuates within the price range due to the emergence of Doji candlesticks, causing the price to remain stagnant.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.