The price of Cardano (ADA) has risen above the moving averages for the first time since May 30.
Cardano price long-term forecast: bullish
The cryptocurrency broke above the moving average lines and rose to a high of $0.77. In the previous market activity, the altcoin remained range-bound above the $0.54 support but below the moving averages.
Today, ADA price is trading above their moving average lines. The bullish momentum has stalled below the high of $0.75 after encountering resistance at $0.77. ADA price tends to rise when the price bars remain above the moving average lines. Cardano will rise to highs of $0.85 and $0.90 if the current barrier is breached. The altcoin will be forced to trade sideways above the moving average lines if it fails to break above its recent high. Today, ADA is trading at $0.749.
ADA price indicators analysis
During the rally on July 11, the cryptocurrency price formed a long candle wick. The candlestick wick indicates significant selling pressure at the high of $0.77. The 4-hour chart shows that the moving average is trending upwards, indicating an uptrend.
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 ADA price?
ADA has returned to a positive trend after rising above the moving average lines. The altcoin is trading above the moving average lines but below the $0.75 level. The altcoin’s uptrend will continue once it crosses the $0.75 threshold. The altcoin is now moving in a range while it waits for a trend.
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/ada-pauses-threshold/