The price of Cardano (ADA) is performing positively as the price rises above the 21-day moving average line. Buyers pushed the altcoin to a high of $0.68 and then retreated. The recent rally reached an overbought area of the market.
The altcoin retested the overbought region at $0.70 as it retreated. If the bulls break the recent high or the 50-day moving average line to the upside, ADA will regain the $1.20 high. Today ADA is on the retreat as the market has reached an overbought area. ADA will move back between the 21-day line SMA and the 50l-day line SMA if it finds support above the moving average of the blue line. At press time, ADA is trading at $0.59.
The price bars of the cryptocurrency are above the 21-day line SMA, but below the moving average of the 50-day line, indicating a possible range movement of the cryptocurrency. Cardano is at level 51 of the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. It is below the 80% range of the daily stochastic. The price of ADA is in an upward momentum. The 21-day line SMA and the 50-day line SMA are downward sloping and indicate a downward trend.
Key Resistance Zones: $3.00, $3.20, $3.40
Key Support Zones: $1.00, $0.80, $0.60
Cardano is in an upward correction as the bulls break above the 21-day moving average line. The current Fibonacci tool is unlikely to hold as the market makes an upward correction. Today, ADA is on the retreat as it may find support above the 21-day moving average line.
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 funds.