Cardano (ADA) price is in an uptrend as it is above the moving average lines. The uptrend is hindered by the $0.58 resistance.
Cardano (ADA) price long-term forecast: bullish
Today, August 17, 2022, buyers wanted to retest and break the recent high, but the price is stuck in the resistance area. On August 14, buyers made the first attempt and broke through the resistance level, but the bullish momentum could not be sustained.
The ADA price fell back to the low of $0.54. Today, bulls are still struggling to break the high at $0.58. On the upside, Cardano will rise to highs of $0.67 and $0.70 if buyers overcome the current resistance level. On the other hand, if the resistance level remains unbroken, Cardano will decline and continue its movement between $0.40 and $0.60.
Cardano (ADA) price indicator analysis
The cryptocurrency is at level 59 of the Relative Strength Index for period 14, indicating that ADA is trading in the bullish trend zone while trying to break the overhead resistance. The moving average lines are sloping upward, indicating an uptrend. ADA is above the 40% area of the daily stochastic. The market is in a bullish momentum.
Technical Indicators
Key resistance zones: $0.60, $0.70, $0.80
Key support zones: $0.50, $0.40, $0.30
What is the next move for Cardano (ADA)?
Cardano price is moving up in a sideways trend. On July 13, the altcoin traded and reached a high of $0.59, but was bounced back. The cryptocurrency is now fluctuating below the high of $0.58. The uptrend will continue if the resistance level is broken.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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/cardano-price-stalls/