Cardano's (ADA) price fell sharply as it reached the $1.20 low. Today, the bulls have bought the dips as the market resumes a fresh uptrend.
On March 18, buyers rested the $1.45 historical price level of February 27. ADA price made a sharp fall because the market reached the overbought region. In the previous price action, the selling pressure persisted as the altcoin dropped to $1.00 low. On March 16, ADA/USD rallied to the same price level as bulls buy the dips.
Today, the market is rising above $1.20 support. Perhaps, buyers are likely to retest the resistance at $1.40. On the upside, a break above the $1.40 resistance will propel ADA to reach the high of $1.90. On the other hand, if the bears break the $1.20 support, the market will decline to $1.00 low.
Major Resistance Levels – $1.40 and $1.60
Major Support Levels – $0.80 and $0.60
ADA price is above the SMAs which suggests a possible upward movement of price. The Relative Strength Index is at level 54 which indicates that ADA has room to rally on the upside. The market is above 68% of the daily stochastic. Presently, Cardano is in a bullish momentum.
Today, ADA is recovering after the recent sharp fall on the downside. According to the Fibonacci tool, there is a possible upward movement of price. On March 18 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement implies Cardano may rise to the high of 2.0 Fibonacci extension level or the high of $1.92.
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.