The price of Cardano (ADA) has maintained an uptrend and remains above the moving average lines.
Cardano price long-term forecast: bullish
The altcoin rose and surpassed the expected price of $0.72. Today, the ADA price halted its uptrend and reached a high of $0.82 before retreating. Similarly, on May 23 the altcoin reached a high of $0.84 before coming under selling pressure again. Cardano dipped but returned above the critical support level of $0.54.
The future upward movement of the altcoin is doubtful. The long candle wick at the recent high indicates the presence of sellers.
On the downside, Cardano could see a dip. ADA price will rebound if it falls and finds support above the moving average lines. The altcoin will rise and break through resistance at $0.82.
However, if the bears break below the moving average lines, Cardano will fall to its low of $0.54. Today, Cardano is trading at $0.80.
Cardano price indicator analysis
There are three long candle wicks in the resistance zone. This indicates that there is considerable selling pressure in the resistance zone. The price bars are above the downward moving average lines, but they are rising, indicating an uptrend. On the lower time frame, the moving average lines are sloping north.
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’s uptrend has come to an end at its high of $0.82. Since the 10th of May, the upward movement has been halted by resistance at $0.84. The cryptocurrency has reversed three times in the resistance zone. There is a risk that the price of ADA will continue to fall.
On the 4-hour chart, ADA price is trading above the 21-day SMA but below the $0.82 level. If this level is broken, the altcoin will start a new trend.
The bullish momentum was stalled below the high of $0.75 after encountering resistance at $0.77, as reported by Coinidol.com last week.
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-fall-below-mark/