Cardano (ADA) Buyers Struggle to Sustain Bullish Momentum
Over the past month, buyers of Cardano (ADA) have been unable to sustain their bullish momentum above the current resistance level.
Cardano Price Long-Term Forecast: Bullish
The price of Cardano (ADA) has regained bullish momentum since January 26, 2024. The cryptocurrency broke above the moving average lines and hit a first resistance at $0.58. The current resistance level is the historical price from January 12, 2024.
If the current resistance level is broken, Cardano could rise to highs of $0.62 and $0.65. However, if the bullish scenario fails, the altcoin may trade above the 21-day SMA but below the $0.58 resistance.
Analysis of the Cardano Indicators
Cardano has continued to gain since its price rise on February 9, 2024, with the price bars remaining above the moving average lines. The uptrend is currently hitting a first barrier to its recent peak. On the 4-hour chart, the moving average lines are sloping north, indicating an uptrend.
Technical Indicators
Key resistance zones: $0.50, $0.55, $0.60
Key support zones: $0.30, $0.25, $0.20
What is the Next Move for Cardano?
Cardano is trading in the positive trend zone and attempting to overcome the first resistance level at $0.58. It is predicted that the digital asset will continue to rise and reach its previous high of $0.65. However, there is strong selling pressure at higher price levels.
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