Cardano Exceeds $0.30 High, But A Fall Is Possible

Cryptocurrency analysts of Coinidol.com report, the price of Cardano (ADA) continued to rise and broke through the $0.30 resistance level.

Cardano price long-term forecast: bullish

The bullish momentum was initially stalled at the $0.30 resistance level, but buyers eventually overcame it. On the upside, the crypto has the potential to regain its previous highs of $0.32 and $0.36. Nevertheless, the price indicator predicts that the price will reach a high of $0.32 or 1.272 Fibonacci extensions. At the Fibonacci level, the cryptocurrency value will reverse. Moreover, the market is reaching the overbought zone. The emergence of buyers will force the altcoin to fall in value. Meanwhile, the price of ADA has risen to a high of $0.3122 at the time of writing.

Cardano indicator analysis

The price bars remain above the lines representing the moving averages as the market approaches the overbought zone. The moving average lines are trending up in opposite directions. The 21-day simple moving average (SMA) acts as a resistance or support line near the price bars.

Technical indicators

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

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

What is the next move for Cardano?

Buyers have broken through the major resistance of $0.30, which allows the altcoin to return to its previous highs. However, if the market approaches the overbought zone, the return to previous highs may be delayed. Furthermore, if the current support at $0.30 holds, Cardano will rise to historical highs. If the bears break below $0.30 support, selling pressure will resume. 

As we reported on October 25, the cryptocurrency asset has continued its uptrend and has retraced above the $0.27 support level in search of a new upside momentum. At the time of writing, the price of ADA/USD is at $0.28. 

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.com. Readers should do their research before investing in funds.