Cardano Is In A Gentle Uptrend And Is Targeting The High At $0.45

Feb 08, 2023 at 10:42 // Price
Coin Idol
Cardano is in a gentle uptrend

Cardano (ADA) price has been gradually rising since December 30. Today, the uptrend has reached a high of $0.40. The peak of the cryptocurrency is forecast at $0.45.

Cardano price long-term forecasts: bullish

The cryptocurrency price recorded a series of higher highs and higher lows. The resistance zone of $0.41 currently acts as a barrier for the uptrend that is currently in place. If the barrier at $0.41 is broken, a rally above $0.45 could begin. The positive momentum will take it to the next barrier at $0.52. Cardano is currently trading in an overbought area of the market. In a market that is in an active trend, an overbought scenario cannot last. 

Cardano indicator analysis

For the period 14, Cardano is moving up above level 61 of the Relative Strength Index. As long as the price bars are above the moving average lines, the altcoin will rise. Cardano is trading in an oversold area of the market. It is above the daily stochastic level of 80.

ADAUSD(Daily Chart) - February 8.23.jpg

Technical indicators

Key resistance zones: $1.00, $1.20, $1.40

Key support zones: $0.60, $0.40, $0.20

What is the next move for Cardano?

Cardano is still rising and is above the lines representing the moving averages. If the price rises above the $0.41 resistance, the uptrend can be resumed. The uptrend has strengthened somewhat since December 30.

ADAUSD(4 Hour Chart) - February 8.23.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 CoinIdol. Readers should do their own research before investing in funds.

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