Cardano (ADA) Price Analysis: Will the Bullish Momentum Continue?
The price of Cardano (ADA) has managed to stay above the moving average lines and the $0.52 support level. However, it has faced resistance at the $0.65 level, causing it to trade sideways. If buyers can push through this resistance, the market could rally to $0.83. But with the altcoin being overbought, there is uncertainty about the upward movement. If sellers break the $0.52 support or the 21-day SMA, ADA could drop to $0.44 or even $0.38.
Cardano Indicator Analysis
The price bars are currently above the moving average lines, indicating that the current trend may continue. On the 4-hour chart, the price bars are between the moving average lines, suggesting a sideways trend. The upward pattern of the moving average lines remains intact.
Technical Indicators
Key resistance zones for Cardano include $0.50, $0.55, and $0.60, while key support zones are at $0.30, $0.25, and $0.20.
What’s Next for Cardano?
Cardano’s rise has been halted at the $0.65 barrier and it is now trading between $0.52 and $0.65 while waiting for a new trend to emerge. The current rising momentum is being constrained by resistance at $0.60, and if this support base weakens, ADA could experience a decline.
As reported earlier, Cardano has been trading above its moving average lines in anticipation of a positive trend. Following a recent breakout, the ADA price reached a high of $0.426.
Hot Take: Cardano’s Future Outlook
Cardano (ADA) is currently facing resistance at the $0.65 level, causing it to trade sideways. The altcoin’s bullish momentum will depend on whether buyers can break through this resistance and rally to $0.83. However, the overbought condition of ADA raises uncertainty about its upward movement. On the other hand, if sellers manage to break the $0.52 support or the 21-day SMA, Cardano could experience a drop to $0.44 or even $0.38. Traders should closely monitor these key levels to determine the future direction of ADA’s price.
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