The price of Cardano (ADA) has continued to rise, reaching a high of $0.93.
Cardano price long-term forecast: bullish
However, the altcoin has fallen back below the support level of $0.90, resuming downward selling pressure. Had the bulls maintained their positive momentum, the ADA price would have reached the next hurdle at $1.17.
Today, ADA is falling towards the next support level at $0.84. The positive trend will continue if the altcoin retraces and holds its position above the current support. Should the current support be broken, selling pressure will increase to $0.77. In the meantime, Cardano has fallen to a low of $0.86.
ADA price indicators analysis
Cardano’s price bars have risen well above their moving averages. There is a bullish crossover between the moving average lines, which is a positive sign. The moving average lines are sloping northwards, which indicates an uptrend.
Cardano is currently trapped between the moving average lines on the 4-hour chart and could therefore be forced to move in a range.
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 rallied and broke above the $0.90 barrier twice, but was thwarted. The ADA price is now locked in a range above the $0.84 support and below the $0.90 barrier. The crypto signal remains unfavorable, with ADA’s price expected to fall further.
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-pulls-back-again/