Cardano Consolidates Below Recent High as Bulls Attempt to Breach $1.80 Resistance

May 12, 2021 at 12:03 // News
Author
Coin Idol
ADA price is fluctuating between $1.60 and $1.80

On May 5, ADA price rebounded above $1,300 support as bulls broke the resistance at $1.40 and $1.60. However, buyers could not sustain the bullish momentum above the $1.80 resistance level.

ADA/USD has been compelled to a range-bound move below the overhead resistance. Cardano's price is trading at $1.74 at the time of writing.

The altcoin’s price appears to be consolidating near the resistance at $1.80. Nevertheless, if the price action continues near the resistance zone, Cardano is likely to encounter a breakout. Buyers are likely to push the altcoin to the next target price of $2.0. Nevertheless, ADA price is fluctuating between $1.60 and $1.80. On the downside, if the ADA price turns from the current resistance, the bears will break the $1.60 support. The altcoin will resume a downward move to the low of either $1.45 or $1.25.

Cardano indicator analysis

A bullish trend line is drawn, showing the support levels of price. ADA uptrend will continue on the rise as long as the bullish trend line remains unbroken. However, the bullish trend will be terminated if price breaks below the trend line. Cardano is at level 66 of the Relative Strength Index period 14. The altcoin is in the uptrend zone and is approaching the overbought region of the market.

1620823283445_1620823283231_ADA+-+Coinidol.png

Technical indicators:  

Major Resistance Levels – $2.00 and $2.20

Major Support Levels – $1.00 and $0.80

What is the next move for Cardano?

Cardano is likely to continue the upward move as the altcoin battles the recent resistance. On May 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ADA will rise to level 1.272 Fibonacci extension or the high of $1.98 high.

1620823286658_ADA+-+Coinidol+2+chart.png

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

Show comments(0 comments)