Cardano Pauses above $0.38 as It Rises to Reclaim Its Prior Highs
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price has reached bearish exhaustion above $0.277 as it rose to reclaim its prior highs. The selling pressure decreased as the price of ADA rebounded. On the daily chart, the cryptocurrency’s price broke above the moving average lines before retracing to test the 50-day SMA support. On the upside, ADA price is expected to maintain its upward momentum as the cryptocurrency retested and established support above the 50-day moving average line.
The market is anticipated to rise to a high of $0.46. Currently, the cryptocurrency’s price is hovering above the 50-day SMA or $0.38 support. On the downside, ADA’s price may fall if the bears break below the 50-day SMA support. The ADA price is currently $0.387.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.50, $0.45, $0.40
Cardano (ADA) Indicator Analysis
Cardano’s price is expected to grow as the price bars continue above the moving averages. The moving average lines are trending southward, indicating a bearish crossover. The bearish signal has concluded, and the market has hit an oversold level. The altcoin is correcting upward to reclaim its earlier highs.
What Is the Next Move for Cardano (ADA)?
Cardano’s price is above the moving average lines as it rose to reclaim its prior highs. On the daily chart, the ADA price has risen above the 50-day SMA support after retesting and finding support there. The uptrend is confined and dominated by Doji candlesticks, which slow price movement. On the other hand, the current bullish trend will be halted if the bears surpass the 50-day SMA support. The crypto signal is encouraging, since the altcoin is trading in a bullish trend zone.
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