The price of Cardano (ADA) is in a downtrend, but is taking an upward correction. On October 25, the cryptocurrency value rallied as it crossed the 21-day line SMA and reached the high of $0.41
Cardano is now above the 21-day line SMA, but below the 50-day line SMA. On the positive side, ADA will rise above the moving average lines if it recovers above the 50-day line SMA. The upward momentum could pick up again.
Buyers will try to make the altcoin retest the upper resistance at $0.60. On the other hand, if the coin fails to recover above the moving average lines, ADA/USD will be forced to move between the moving average lines. ADA is trading at $0.40 at the time of writing this article.
Cardano is at level 53 of the Relative Strength Index for period 14 due to the recent price increase. The altcoin is in the bullish trend zone and could continue to rise. Bearish exhaustion has been reached in the current downtrend. Cardano's daily stochastic is below the 60% area.
Key Resistance Zones: $1.00, $1.20, $1.40
Key Support Zones: $0.60, $0.40, $0.20
Cardano recovered from the low of $0.33 as the altcoin returned to the previous highs. ADA moved to the high of $0.43, but pulled back. On October 25 uptrend, a retraced candle body tested the 50% Fibonacci level. The retracement suggests that ADA will rise to the 2.0 Fibonacci Extension level or $0.50.
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.