Cardano Rises, but Remains at $0.265

Cardano’s (ADA) price has risen and broken above the moving average lines, but has been halted by the 50-day SMA.

This is the third time buyers have attempted to maintain bullish momentum above the moving average lines. 

ADA price long-term forecast: bullish

Today, the cryptocurrency price has fallen, but it remains between the moving average lines. On the upside, if buyers successfully surpass the 50-day SMA level, ADA will surge to a high of $0.30. Subsequently, bullish momentum could build to a high of $0.42. If bears drive the price below the 21-day SMA support, Cardano is likely to return to its lower price range above $0.24.

Furthermore, if neither the bullish nor bearish scenarios occur, the cryptocurrency will remain caught between the moving average lines.

Technical Indicator

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  Key Resistance Zones: $1.20, $1.30, and $1.40

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  Key Support Zones: $0.90, $0.80, and $0.70 

ADA indicator analysis

The cryptocurrency price is currently trading above the 21-day SMA support but below the 50-day SMA barrier. The price will move up or down when it crosses either the 21-day SMA support or the 50-day SMA barrier. The cryptocurrency price has risen above the horizontal moving average lines on the 4-hour chart. The ADA price will continue to rise if the asset remains above the moving average lines.

What is the next move for Cardano?

Cardano’s price has resumed its bullish ascent above the moving average lines on the 4-hour chart. However, the positive momentum has stalled at the high of $0.265 as the altcoin falls.

ADA price is currently range-bound, above the $0.24 support but below the $0.265 resistance. Cardano will continue to rise if it retraces and remains above the moving average lines.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.