Cardano Pauses Above $0.42 As It Hits The Resistance Zone

Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano’s (ADA) price has recovered from its slump as it hits the resistance zone. In prior price activity, the altcoin dropped to a low of $0.31 on July 5. The bulls purchased the dips, and after consolidating above the $0.34 support, the ADA price rebounded and broke above the moving average lines. Bullish momentum is projected to push prices to $0.46 and $0.50.

The cryptocurrency asset is paused as it approaches the $0.46 high. On the upside, buyers have been working hard to keep the price above the $0.50 mark. Cardano will hit a high of $0.62 if buyers succeed. Cardano has reached a high of $0.452 but remains below the $0.46 resistance level.

Technical Indicators:  
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.50, $0.45, $0.40

Cardano (ADA) Indicator Analysis
Cardano’s price bars have risen above the moving average lines as the altcoin regains bullish momentum. The cryptocurrency price is currently stopped at the $0.46 resistance zone. The ADA price is above the moving average lines as it faces rejection at its recent high.

What Is the Next Move for Cardano (ADA)?
Cardano is currently on an upswing and has hit the resistance zone. Buyers could not keep the price above the $0.46 barrier level. The price indicator had previously indicated that the altcoin will hit a high of $0.463. Based on the price activity, Cardano reached a high of $0.457 before being repulsed. Following the previous rejection, the altcoin retraced above the moving average lines.

If the bear breaks below the moving average lines, selling pressure on the cryptocurrency asset will resume. The crypto signal is positive, as it remains above the moving average lines.

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