Cardano (ADA) Rallies to $1.40 High as It Resumes Range-Bound Move Below the Recent High
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Cardano (ADA) Long-Term Analysis: Bullish
Cardano’s (ADA) price is trading in the bullish trend zone as the price breaks above the moving averages. The crypto’s price has been making a series of higher highs and higher lows. On August 5, ADA rallied to the high of $1.40. The buyers broke the previous highs of August 1 but could not sustain the bullish momentum above $1.40 high. Presently the upward move has been interrupted at the $1.40. Cardano will resume an uptrend if buyers breach the $1.40 high. ADA price is expected to rally above $1.50.
Cardano (ADA) Indicator Analysis
The crypto is at level 60 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and has room to rally on the upside. ADA will continue to rise as long as the price bars are above the moving averages. The altcoin is hovering above the 80% range of the daily stochastic. It indicates that the crypto is trading in the overbought region of the market.
Technical indicators:
Major supply zones: $2.0, $2.20, $2.40
Major demand zones: $1.40, $1.20, $1.00
What Is the Next Direction for Cardano (ADA)?
Cardano’s price has the prospect of rising on the upside as the altcoin trades in the bullish trend zone. Meanwhile, on August 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ADA is likely to rise to level 2.0 Fibonacci extension or level $1.4937.
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