Cardano Pulls Back From Recent Retracement, May Resume Rally

Feb 28, 2021 at 11:02 // News
Coin Idol
Cardano has sustained its current rallies as it reaches the high

Cardano (ADA) coin has sustained its current rallies as it reaches the high of $1.48. On February 28, ADA is retracing after the price reached the overbought region of the market.

Cardano (ADA) Price Long-Term Forecast: Bullish

Today, the price fell to the low of $1.15 and pulled upward. In the previous price action, the crypto currency is making a series of higher highs and higher lows. On the upside, if the $1.16 support holds, buyers are likely to retest the resistance at $1.48. The market will rise to $1.60 if the recent resistance is breached. Conversely, if sellers have the upper hand, the current price level will decline to a low of $1.02.

Cardano (ADA) Indicator Analysis

ADA price is far above the SMAs and if price retraces it may find support above the 21-day SMA. The crypto currency is at level 71 of the Relative Strength Index period 14. It indicates that the market has no enough room to rally on the upside. There is doubt of a possible upward movement of the market as price is in the overbought region.

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Technical indicators:  

Major Resistance Levels – $1.40 and $1.60

Major Support Levels – $0.80 and $0.60

What Is the Next Move for Cardano (ADA)?

Presently, buyers and sellers are still struggling for price possession. If buyers have the upper hand, the uptrend will resume. The Fibonacci tool analysis will hold if the selling pressure persists and breaks the $1.16 support. On February 27 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement implies the price may decline to the low of 2.618 Fibonacci extension level.

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Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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