Cardano (ADA) price has continued its uptrend above the moving averages after regaining the crucial support at $1.
Cardano (ADA) price long-term forecasts: bullish
On March 22, bulls broke through resistance at $1.0 as the altcoin rose above resistance at $1.20, but then fell back. In the last 48 hours, the bulls are still struggling to break above the current resistance at $1.20. If the bulls overcome the initial resistance at $1.20, the market will rally above the high at $1.26.
If the buyers are successful, the market will continue to rise to the high of $1.60. However, it is possible that Cardano will be rejected at the recent high as the cryptocurrency is trading in the overbought zone of the market. However, if ADA /USD is rejected from the high at $1.20, the market could fall above the support at $1.00 or the moving averages. In the meantime, the price of ADA is rising after hitting the low of $1.07.
Cardano (ADA) Indicator Analysis
The price of ADA has risen to the level 72 of the Relative Strength Index for the period 14. This indicates that Cardano has reached the overbought area of the market. The current uptrend may face rejection at the recent high. The price of the cryptocurrency is above the moving averages, which indicate further upward movement. Cardano is below the 50% area of the daily stochastic. The altcoin is in a bearish momentum.
Technical Indicators:
Key resistance zones: $3.00, $3.50, $4.00
Key support zones: $2.50, $2.00, $1.50
What is the next move for Cardano (ADA)?
ADA price is rising again after a small retracement. Cardano is likely to reach the high of $1.30 if the current resistance is broken. Further upward momentum is possible if the bulls overcome the resistance at $1.26. The final price target is $1.60 if the bulls break through more resistance.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
Source: https://coinidol.com/ada-retests-high-region/