Cardano Retraces above $0.34 as It Resumes a New Upswing
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano (ADA) achieved the $0.3787 historical price barrier on November 10 as it resumes a new upswing. The altcoin reached a peak of $0.3952 before reverting.The price of ADA retraced to $0.34 before holding above the moving average lines. The cryptocurrency’s price is likely to rise further as long as it remains above the moving average lines.
The coin will increase and retest or break the $0.38 barrier level. If buyers are successful, Cardano will return to prior highs of $0.42 and $0.46. On the downside, if the bears breach the 21-day SMA, the present upswing would come to an end. The cryptocurrency will fall to a low of $0.30.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
Cardano retraces and maintains above the 21-day $MA, implying that the market will rise to previous highs. If the bears had broken below the 21-day SMA, the negative momentum would have continued until the bottom was above the 50-day SMA. The cryptocurrency’s price has broken below the moving average lines on the 4-hour chart but has remained above the $0.34 support.
What Is the Next Move for Cardano (ADA)?
Cardano stays above the 21-day simple moving average as it resumes a new upswing. The price of ADA is growing, reaching a high of $0.35. To achieve the prior highs, the current uptrend must break through the $0.40 resistance zone. Meanwhile, the previous high of $0.38 has not been surpassed since May 28.
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