Cardano (ADA) is moving positively after breaking through resistance at $1.15. The bullish momentum broke the 21-day moving average line, but was stopped at the $1.25 high.
The cryptocurrency has retraced to the breakout level of $1.12 and resumed consolidation above the current support. The current bullish momentum breaks the 21-day moving average, but fails to break the 50-day moving average. Cardano will exit the downside correction when the bulls break above the 50-day moving average. On the upside, ADA/USD will rise to $1.60 if buyers break through resistance at $1.25. However, if the bulls fail to break the recent high, the altcoin will be forced to move sideways between the $1.15 and $1.25 levels.
Cardano is at level 51 of the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The price bars of the cryptocurrency are between the 21-day line and the 50-day moving averages line. This means that the price of ADA is likely to move between the moving averages. The cryptocurrency is above the 30% area of the stochastic on the daily chart. The market has resumed its bullish momentum.
Key Resistance Zones: $3.00, $3.50, $4.00
Key Support Zones: $2.50, $2.00, $1.50
ADA/USD was previously moving in a narrow range between $0.98 and $1.15. Bulls broke the sideways trend as the altcoin rose to a high of $1.25. After a minor retracement, ADA/USD is now consolidating above the $1.15 support for a possible upside move.
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.