Cardano Is In Uptrend But Challenges $0.37 High

Jan 25, 2023 at 09:45 // Price
Coin Idol
The price of ADA is moving upwards again

Cardano (ADA) price has been fluctuating as it did last week.

Cardano price long-term forecasts: bullish

Last week, the cryptocurrency hit a high of $0.37 before falling back. As ADA was overbought, the altcoin fell to a low of $0.32. After the recent crash, the coin reached a high of $0.38 on January 22. However, the altcoin fell to a low of $0.35. The crypto price has hit a series of higher highs and higher lows since last week. Since the altcoin is trading in the bullish trend zone of the market, it is likely that the crypto will continue to rise. If the $0.37 resistance is broken, Cardano has the potential to rise to $0.45. At the time of writing, the alternative coin is selling for $0.35. 

Cardano indicator analysis

Cardano is at level 64 on the Relative Strength Index for period 14, which is a positive trend zone. As long as the price bars are above the moving average lines, the cryptocurrency is growing. The current price increase is due to the price bars being above the moving average lines. Cardano is experiencing bearish momentum below the daily stochastic threshold of 80, but as the altcoin begins its uptrend, the bearish momentum has subsided.

ADAUSD(Daily Chart) - January 25.23.jpg

Technical indicators

Key resistance zones: $1.00, $1.20, $1.40

Key support zones: $0.60, $0.40, $0.20

What is the next move for Cardano?

Cardano will continue to move higher as long as the price bars are above the moving average lines. The high at $0.37 is a barrier to the uptrend. Once the resistance level is overcome, the uptrend will resume. The price of ADA is moving upwards again.

ADAUSD(Daily Chart 2) - January 25.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.

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