Cardano Holds Above $0.39 And Continues Its Uptrend

Apr 12, 2023 at 09:00 // Price
Coin Idol
Cardano's bullish momentum has returned

Cardano (ADA) price retraces as it maintains its pattern of higher highs and higher lows.

Cardano price long-term forecasts: bullish

The altcoin started to fall after reaching a high of $0.40. Resistance at $0.40 has twice prevented the coin from moving higher. Cardano is currently trading at $0.39, which is the current support level. If the support at $0.39 holds, the current uptrend could continue. According to the price indicator, the market will peak at $0.48. If the price falls below the moving average lines, the downtrend will resume. Cardano could fall to $0.34.

Cardano indicator analysis

Cardano is at level 56 on the Relative Strength Index for period 14, indicating that ADA has the potential for further growth. The price bars continue to be above the moving average lines, indicating that the price will continue to rise. The stochastic value of 40 on the daily basis indicates that the price of ADA has reached its bearish exhaustion.

ADAUSD(Daily Chart) - April 12.23.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's bullish momentum has returned, but it is trapped between the moving average lines on a lower time frame. This means that the altcoin will be forced to trade in a range for a few days. If the price breaks above the 21-day line SMA, the uptrend will resume. The price will resume its downtrend if it falls below the 50-day moving average lines.

ADAUSD(4 Hour Chart) - April 12.23.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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