Cardano Faces Strong Resistance as It Rallies to $0.55
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Cardano (ADA) Long-Term Analysis: Ranging
Cardano’s (ADA) price makes positive moves as it rallies to $0.55. The upward move is insignificant because of the presence of small body indecisive candlesticks called Doji. These candles have been responsible for the current range-bound move since May 12. ADA price will rise as the crypto price remains above the moving average lines. However, the upward move will face resistance at $0.65 high. A break above $0.65 will extend the price to the high of $0.90. However, the upward move is doubtful because of the presence of Doji candlesticks. On the downside, if the bears break below the 21-day line SMA, the altcoin will decline to the low of $0.40.
Cardano (ADA) Indicator Analysis
Cardano is at level 59 of the Relative Strength Index for period 14. It indicates that ADA is in the bullish trend zone and may further rise. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. ADA price will rise as long as the 21-day line SMA and the 50-day line SMA are above the moving average lines.
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 is in an upward move as it rallies to $0.55. The bullish momentum will extend to the upper price range at $0.65. A break above $0.65 will signal the resumption of the uptrend.
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