Cardano Floats above $0.39 as Its Bullish Trend Returns

Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano (ADA) is retracing slightly as its bullish trend returns. The coin has started to decline after reaching a $0.40 high. Cardano has been rejected a second time at the highest price of $0.40. At the time of writing, Cardano is trading for $0.39. If the price returns above the moving average lines, the current uptrend might continue. It is anticipated that the altcoin will peak at $0.48. On the other hand, Cardano will continue to decline if the price falls beneath the moving average lines. The substitute coin might fall as low as $0.34.

Cardano (ADA) Indicator Analysis
Cardano is at level 56 on the Relative Strength Index for period 14. This shows that despite the retracement, ADA is still in the bullish trend zone. Additionally, if the coin finds support above the moving average lines, it may rise. After the retracement, the price bars are above the moving average lines, which may cause further upward movement. Below the daily stochastic’s level of 40, the ADA price is in a bearish momentum.

Technical indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.45, $0.40, $0.35

What Is the Next Move for Cardano (ADA)?
Cardano is in a bearish momentum as its bullish trend returns. On the daily chart, the ADA price is falling and getting closer to the moving average lines. The uptrend will resume if the altcoin’s price finds support above the moving average lines. On the other hand, the downtrend will resume if the price falls beneath the moving average lines.

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