Cardano Faces Initial Resistance as It Targets the $0.45 High
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano’s (ADA) price has broken through above the moving average lines as it targets the $0.45 high. The cryptocurrency’s price has been fluctuating between higher highs and higher lows for a while now. The price of ADA is $0.38 as of the time of publication. The upward trend is probably going to continue if the current resistance at $0.40 is overcome. On March 31’s uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. ADA will rise to level 1.618 of the Fibonacci extension, or $0.45, following the retracement. Based on price movement, Cardano is rising to retest the resistance at $0.40.
Cardano (ADA) Indicator Analysis
Cardano is at level 54 on the Relative Strength Index for period 14. The virtual currency has reestablished bullish momentum and may rise even higher. The price bars’ position above the moving average lines suggests that the coin’s value may increase. The cryptocurrency asset is in a bullish momentum at the daily Stochastic level of 50.
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’s upward trend has resumed as it targets the $0.45 high. If the current resistance is broken, additional upward momentum is anticipated. The ADA price is entrapped between the moving average lines on the 4-hour chart. The implication is that for a few days, the coin will be forced to move in a range.
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