Cardano Is On The Rise But Struggling Below The $0.40 High

Apr 26, 2023 at 08:56 // Price
Coin Idol
Cardano is on the rise, but the bullish momentum has run its course

Cardano (ADA) is losing value and continues to consolidate above the $0.37 support.

Cardano price long-term forecasts: bearish

The value of the cryptocurrency is limited by the moving average lines. The price range for Cardano is also limited to $0.37 to $0.40. ADA is rising and approaching its recent high of $0.39. If the price breaks the resistance at $0.40 and the 21-day line SMA, it will rise to the previous high of $0.46. However, if the altcoin is stuck between the moving average lines, Cardano will continue to fluctuate in the range for a few more days. The cryptocurrency's asset value is currently rising as it retraces its previous highs. 

Cardano indicator analysis

On the Relative Strength Index for period 14, Cardano is at level 49. The price of the cryptocurrency has reached its equilibrium level. In other words, supply and demand are now balanced. Moreover, the price of the cryptocurrency is contained within the moving average lines, indicating a possible sideways movement.

ADAUSD(Daily Chart) - April 26.23.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 step for Cardano?

Cardano is on the rise, but the bullish momentum has run its course. The 21-day line SMA or the $0.40 high will likely end the current uptrend. However, a price recovery will push the altcoin above the resistance levels. The uptrend will continue to the high at 0.46.

ADAUS(4 Hour Chart) - April 26.23.jpgDisclaimer. 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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