Cardano Holds above $0.25 and Reaches It’s Previous High
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano’s (ADA) price has started a new rally and reached it’s previous high. On October 1, at a high of $0.26, the prior rise was rebuffed. Cardano tends to rise as long as it finds support above the moving average lines. The price of ADA is increasing today and has reached a high of $0.26. On the plus side, Cardano will increase further to a high of $0.29 if the bulls overcome the initial barrier at $0.27.
Cardano will be forced to move in a range-bound fashion below the initial resistance level if buyers are unable to break through it. The selling pressure will increase once more if the altcoin is rejected and drops below the moving average lines.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
The value of Cardano is increasing as it gains support above the moving average lines. The underlying idea is that when price bars are above the moving average, the altcoin rises incidentally. The moving average lines are inclined upward, following the general trend.
What Is the Next Move for Cardano (ADA)?
Cardano has started a new move as it reaches it’s previous high. The market is overbought near the prior high. Buyers have been attempting to get above the resistance at $0.27 since October 1. A breach above the barrier will signal the start of an upswing again.
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