Cardano's (ADA) share price makes an impressive upward move as it bounces back above $1.50 support. A similar rise above the $1.60 support will catapult the cryptocurrency to the $2.20 high.
The altcoin is approaching the next hurdle to overcome before reaching the previous high of $2.20. If buyers push the crypto above the $1.84 resistance, a rally above the $2.20 high is likely. The altcoin will then be out of the bear market.
The uptrend will continue in earnest. However, if the cryptocurrency price breaks above resistance, the ADA price will find support above the moving averages. However, if the bears break below the moving averages, the downtrend will resume. In the meantime, the cryptocurrency is facing resistance below the $1.84 level.
The price of Cardano has risen to the 79 level of the Relative Strength Index for the period 14. The cryptocurrency is seriously in an overbought condition. It is likely that sellers will appear. Similarly, ADA is above the 80% area of the daily stochastic. This indicates that the altcoin is in an overbought condition.
Key Resistance Levels - $2.00 and $2.20
Key Support Levels - $1.60 and $1.40
Cardano is in a gentle uptrend. There is a trend line drawn on the 4-hour chart that shows the support levels of the price. The uptrend will continue as long as the line remains unbroken. The cryptocurrency will also rise as long as the price moves above the SMAs.
Disclaimer. This analysis and forecast are the personal opinions of the author 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 funds.