Cardano Recovers as It Retests the $0.27 Level

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) has continued to rise in price as it retests the $0.27 level. In the previous 48 hours, buyers repeatedly tested the $0.27 high. If buyers are successful, the cryptocurrency asset will reach a high of $0.31 or $0.40. Today’s price recovery broke the 21-day SMA before moving on to the 50-day SMA. Cardano will reach a high of $0.40 if the price increases over the 50-day SMA. But earlier positive momentums have encountered resistance at the initial resistance level of $0.27. The cryptocurrency will be forced to move in a range between the moving average lines if the upward advances are impeded. The altcoin is currently having trouble getting over the $0.27 barrier.

Cardano (ADA) Indicator Analysis
Cardano is at level 49 on the Relative Strength Index for period 14. The crypto’s price has stabilized at this level as supply and demand are in balance. The crypto’s price is situated between the moving average lines, which suggests that it may move in a range. Above level 80 of the daily Stochastic, the altcoin is still in the overbought region.

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)?
On the 4-hour chart, Cardano is trading in the bullish trend zone as it retests the $0.27 level. Above the moving average, buyers have been able to maintain the bullish momentum. The upward trend is being rejected at the $0.27 resistance level. The cryptocurrency will fall and find support above $0.25 if it is unable to surpass its most recent high.

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