Cryptocurrency price analysis brought by Coinidol.com. The price of Cardano (ADA) has regained momentum after breaking above the moving averages.
Long-term forecast for the Cardano price: bullish
The bearish momentum ended at a low of $0.76 on December 20 as the bulls bought the dips. The ADA price rose above the moving average lines and peaked at $1.11 on January 3, 2025. The upward correction was halted at the $1.11 level. The recovery will continue after buyers break through the $1.11 and $1.32 resistance levels. ADA prices will rise to its previous high of $2.33. Currently, the altcoin is trading below the $1.11 level. Cardano will trade in a range if it retraces from its current high and falls above the 50-day SMA. Cardano is currently worth $1,089.
Analysis of the Cardano indicator
Cardano is rising as the price bars are back above the moving averages. The uptrend is stuck at its last high. The moving average lines are trending upwards, indicating an uptrend. On the 4-hour chart, the price bars are above the 21-day SMA support. If the 21-day SMA support is broken, the ADA price will fall.
Technical indicators
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 is in an upward correction on the 4-hour chart but has paused at its high of $1.11. The altcoin is forced to move sideways as it hits the $1.11 barrier. On the upside, the altcoin will resume its uptrend once it breaks above the $1.11 barrier. The sideways trend will end when the price falls below the moving average lines.
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.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/cardano-stops-1-11-dollar-mark/