Cardano May Retest or Break the Resistance at $0.40
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano’s (ADA) price is constantly rising as it may retest or break the resistance at $0.40. The altcoin is now below its peak of $0.40. If the present barrier is overcome, Cardano will increase to an upside high of $0.45. A retraced candle body on January 14’s upswing tested the 61.8% Fibonacci retracement line. According to the retracement, ADA will increase to level 1.618 of the Fibonacci extension, or $0.45. On the downside, the uptrend will come to a stop if the price drops below the moving average lines. Cardano’s price will drop to a low of $0.32.
Cardano (ADA) Indicator Analysis
Cardano is at level 61 on the Relative Strength Index for period 14. Cardano is still in an uptrend and is expected to increase further. As long as the price bars are above the moving average lines, the trend is upward. Cardano is experiencing a bearish momentum below the daily Stochastic threshold of 50. The increasing slope of the moving average lines indicates an uptrend.
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 minor retracement as it may retest or break the resistance at $0.40. The value of the cryptocurrency has decreased while rising above the 50-day line SMA and below the 21-day line SMA. In other words, the price of ADA is varying between the moving average lines, suggesting that the cryptocurrency may move in a range.
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