Cardano(ADA) Price Analysis
Cardano (ADA) price has resumed its uptrend after the breakdown of the uptrend on November 11. The ADA price previously rose to a high of $0.39, which was in line with the historical price level of July 14. The upswing was halted when it retraced to the low of $0.34 as bulls bought the dips. Buyers have initiated the second upswing, with Cardano currently trading at $0.36.
Cardano Long-term Forecast: Bullish
The cryptocurrency has continued its uptrend. A retraced candlestick body tested the 78.6% Fibonacci retracement level of the November 11 upswing, suggesting that ADA will rise but then reverse at the 1.272 Fibonacci extension or the $0.43 level. On the downside, the $0.34 support level remains in place as ADA resumes its uptrend.
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Analysis of Cardano Indicators
The price bars, including the long tail candle from November 14, are pointing down above the moving average lines, indicating strong buying at the current support. The price bars on the 4-hour chart are below the moving average, indicating a current decline.
Technical Indicators
Key resistance zones: $0.30, $0.35, $0.40
Key support zones: $0.20, $0.15, $0.10
What’s Next for Cardano?
After rejecting the high of $0.39, Cardano is making another attempt to resume its upward movement. Since November 11, the price has been hovering between $0.34 and $0.39. If the resistance level of $0.39 is broken, Cardano will start to rise.
Last week reported that on November 6, ADA/USD reached a high of $0.3757, which corresponds to the historical price level.
Hot Take: Bullish Momentum Continues for Cardano
The technical indicators and long-term forecast point towards a bullish trend for Cardano’s ADA price despite some short-term fluctuations and resistance levels.
