Cardano Overcomes the Barrier at $0.37 and Advances to $0.45
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano’s (ADA) price has continued to rise as it advances to $0.45. Sadly, the altcoin has now moved into the overbought area of the market due to the present price. An overbought state might not last in a market that is strongly trending. Cardano will increase to a high of $0.45 if the current bullish momentum is maintained. A retraced candle body on the upward trend of January 14 tested the 61.8% Fibonacci retracement line. According to the retracement, ADA will increase to level 1.618 of the Fibonacci extension, or $0.4510. However, at the time of writing, the cryptocurrency asset is trading at $0.39.
Cardano (ADA) Indicator Analysis
On the Relative Strength Index for period 14, Cardano is at level 73. The price of the altcoin has increased to an overbought area of the market. The altcoin was rejected in previous overbought scenarios. However, the altcoin’s price bars will increase above the moving average lines. Cardano’s daily Stochastic is over 80 and it is in positive momentum.
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 will continue to rise as it breaks through the $0.37 resistance level and advances to $0.45. The $0.37 high is obstructing the rising trend. When the resistance level is overcome, the upward trend will restart. The price of ADA is rising once more.
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