Cardano Price Analysis: ADA Regains Momentum Above Moving Average Lines
The price of Cardano (ADA) has experienced an upward trend after breaking above the moving average lines. Currently, ADA/USD is trading at $0.28, having retraced above the $0.27 support level in search of new upside momentum.
Cardano’s Action Radius Exhausted
In its recent price movement, Cardano moved between $0.24 and $0.27. The bulls managed to break through the resistance at $0.27 and retested it to continue their upward movement. If they can overcome the initial obstacle at $0.29, the current uptrend will continue to reach a high of $0.32. However, if the bears break the $0.27 support, the cryptocurrency will enter a range-bound area. Over the past 48 hours, ADA has been trading between $0.27 and $0.29.
Cardano Indicator Analysis
With the recent breakout, the price bars of Cardano are now above the moving average lines. This gives Cardano an advantage during a positive trend. However, if the bears manage to break the existing support, the altcoin will fall into a range-bound region and run sideways.
Technical Indicators
Key resistance zones for Cardano are at $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10.
Next Move for Cardano
Based on the 4-hour chart of ADA/USD, there is an uptrend forming with higher highs and higher lows. The price indicator suggests that Cardano could continue to rise, with a potential target of the Fibonacci extension of 1.618 or $0.316. The altcoin has already reached a high of $0.281.
Hot Take: Cardano’s Bullish Momentum Continues
Cardano’s price has regained upward momentum after breaking above the moving average lines. The altcoin is currently trading at $0.28, having retraced above the $0.27 support level. If the bulls can overcome the resistance at $0.29, the current uptrend may continue to reach a high of $0.32. However, if the bears break the $0.27 support, Cardano may enter a range-bound area. With the price bars now above the moving average lines, Cardano has an advantage during a positive trend. Technical indicators suggest key resistance zones at $0.30, $0.35, and $0.40, and key support zones at $0.20, $0.15, and $0.10.
By
By
By
By
By