The price of Cardano (ADA) has regained bullish momentum after breaking above the moving average lines on the daily chart.
ADA price Long-term forecast: bullish
On the weekly chart, the bulls have broken above the 21-day SMA resistance. This means that the altcoin will be trapped between the 21-day SMA support and the 50-day SMA resistance. According to price analysis by Coinidol.com, Cardano will exit the downtrend zone if it breaks above the 50-day SMA resistance level and rises to a high of $0.50.
However, if the bulls fail to break above the 50-day SMA, Cardano will continue to trade in a range between the moving average lines. ADA is currently at $0.40.
Cardano indicator analysis
Cardano is in an uptrend after breaking above the 21-day SMA barrier. The uptrend is expected to continue to the upper end of the 50-day SMA. The altcoin will gain value when the price bars move above the moving average lines. The moving average lines on the daily chart have formed a bullish crossover.
Technical Indicators
Key Resistance Zones: $0.80, $0.85, and $0.90
Key Support Zones: $0.50, $0.45, and $0.40
What is the next step for Cardano?
Cardano is in an uptrend after breaking above the moving average lines on the daily chart.
On September 13, a retraced candlestick body approached the 38.2% Fibonacci retracement line. The retracement suggests that ADA will rise to the 2.618 Fibonacci extension or $0.47.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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-on-rise/