The price of Cardano (ADA) has stalled above the $0.84 level after hitting resistance at $1.01.
Cardano price long-term forecast: bullish
The price of the cryptocurrency is experiencing a pattern of higher highs and higher lows. The ADA price has retraced above the $0.84 level, resumed consolidation above it, and could continue its uptrend.
According to Coinidol.com, since August 14, the altcoin has been trading above the moving average lines but below the $1.00 resistance level. If the buyers overcome the $1.00 resistance, the altcoin could rise to a high of $1.34.
However, the current rally will come to an end if the bears break the 21-day SMA support. Cardano will then drop to a low of $0.75. In the meantime, the price has held above the moving average lines.
ADA indicator analysis
Cardano’s price bars have risen above the moving average lines as the altcoin recovers from its downturn.
On the 4-hour chart, the price bars are below the downward sloping moving averages, but the selling pressure has eased.
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 falling below its moving average lines on the 4-hour chart. The price of the cryptocurrency is showing a pattern of lower highs and lower lows. The altcoin fell from a high of $1.01 to a low of $0.84.
Cardano, on the other hand, is at risk of a decline as it trades in a limited range between the $0.84 support and below the moving average lines. A break below the current support will send the altcoin to a low of $0.68.
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-to-dip/