Cardano Is On A Steady Rise As It Hits The $1.00 High

Cardano (ADA) has extended its uptrend and has risen to a high of $0.98.

Long-term forecast for the Cardano price: bullish

The price of the cryptocurrency has broken above the $0.65 and $0.80 barriers and has reached a high of $0.98. Cardano is recovering from its previous decline from the bottom of the chart. The cryptocurrency price is showing a pattern of higher highs and higher lows. The altcoin is on the verge of reaching its high of $1.00. 

On the upside, Cardano will rise to a high of $1.24 if the $1.00 barrier is breached. However, ADA prices could be rejected if it approaches the overbought area of the market. It could be rejected at the $1.00 barrier. This would force it to trade below the $1.00 resistance but above the $0.80 breakout level. The altcoin is now worth $0.99.

Cardano indicator analysis

The horizontal moving average lines are moving north, with a bullish crossover. The 21-day SMA is higher than the 50-day SMA, indicating that the cryptocurrency could rise. On the 4-hour chart, the moving average lines are in a steady uptrend with higher highs and higher lows.

Technical Indicators

Key Resistance Zones: $0.90, $1.00, and $1.10

Key Support Zones: $0.80, $0.70, and $0.60

What is the next move for Cardano?

On the 4-hour chart, Cardano is in a steady uptrend. The cryptocurrency has been trading in a horizontal pattern, between the $0.30 support and the $0.40 high. On November 7, the altcoin rallied and broke through the resistance at $0.40. 

According to the analysis by Coinidol.com, today, the ADA price has started an uptrend and has risen to a high of $0.99.

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