Cardano (ADA) Breaks the Previous Resistance, Targets Level $2.77
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Cardano (ADA) Long-Term Analysis: Bullish
Cardano’s (ADA) price has risen to $2.46 after breaking the initial resistance at $2.25. Further upward move is likely as the altcoin retraces to $1.91 support. Meanwhile, on August 15 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ADA is likely to rise to level 1.618 Fibonacci extension or level $2.77. From the price action, ADA has reached the high of $2.46 and may reach the target price of $2.77.
Cardano (ADA) Indicator Analysis
The crypto is at level 78 of the Relative Strength Index period 14. The market is still in the overbought region. Further upward is unlikely. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The crypto is also above the 80% range of the daily stochastic. The market has been in the overbought since August 10.
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’s price has continued the upward move. Meanwhile, on August 20 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ADA is likely to rise but reverse at level 1.272 Fibonacci extension or level $2.02.
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