The Price of Cardano (ADA) Shows Positive Momentum
The price of Cardano (ADA) has recently shown positive momentum and has risen above the 21-day Simple Moving Average (SMA). This is the second time that the price has broken above the 21-day SMA since the drop on January 23. Currently, ADA is above the 21-day SMA but below the 50-day SMA. It is predicted that the altcoin will rise to the 50-day SMA, and if it breaks above it, an uptrend will begin.
Bullish and Bearish Outlook for Cardano Price
If the price breaks above the 50-day SMA, the market will move higher and approach previous highs at $0.60 and $0.67. However, if the 50-day SMA stops the positive momentum, Cardano will be trapped between the moving average lines and trade at prices between $0.48 and $0.56.
Cardano Indicator Analysis
The current price rise has pushed the price bars between the moving average lines. Cardano is caught in a range and will likely fluctuate for a few more days due to its current sideways trend.
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?
On the 4-hour chart, Cardano’s price has risen above the moving average lines but was rejected at a resistance level of $0.53. Buyers need to overcome this resistance level and the 50-day SMA to resume an uptrend in ADA/USD.
Hot Take: Cardano’s Price Shows Positive Momentum
The price of Cardano (ADA) has recently shown positive momentum by rising above the 21-day SMA. While it is currently below the 50-day SMA, there is potential for an uptrend if the altcoin breaks above this moving average. However, if the 50-day SMA halts the positive momentum, Cardano may trade within a range between $0.48 and $0.56. Overall, the future movement of Cardano’s price will depend on its ability to overcome resistance levels and continue its upward trend.
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