Cardano’s Price Reaches A High Of $0.43 After The Recent Outbreak

Dec 06, 2023 at 13:16 // Price
Coin Idol

The price of Cardano (ADA) has broken above the $0.40 resistance level and is approaching the expected price target of $0.434. ADA price analysis by

Cardano price long term forecast: bullish

The cryptocurrency has been trading above the moving average lines in anticipation of a positive trend. After the recent breakout, the ADA price has risen to a high of $0.426. reported before that on November 27, the bears retested the 21-day SMA, but the bulls bought the dips, and ADA was trading at $0.38.

The price signal suggests that the market will continue to rise to a high of $0.434. The price of ADA is falling after peaking at $0.434. The uptrend will continue if the altcoin falls back above the $0.40 breakout level.

Meanwhile, the market has reached an overbought condition. The current rise could come to a halt at the high of $0.434 and then reverse. If the price also falls below the 21-day SMA, the decline will resume. The altcoin will fall further to a low above the 50-day SMA or $0.34.

Cardano indicator analysis

The moving average lines are sloping upwards and are below the price bars. The price bars show higher highs and higher lows. The altcoin is trading in the overbought zone of the market. Price action is expected to be subdued in the overbought area of the market.

Technical indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

ADAUSD_ (Daily Chart) – Dec.06.jpg

What is the next move for Cardano?

The price of Cardano has approached the $0.43 level before pulling back. The altcoin has reached a low of $0.419 per coin. The uptrend will continue if the retracement remains above the existing support level. The altcoin could reach a high of $0.46 if it breaks above the resistance of $0.43.

ADAUSD_ (4 Hour Chart) – Dec.06.jpg

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 Readers should do their research before investing in funds.

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