Cryptocurrency analysts of Coinidol.com report, the price of Cardano (ADA) has risen and reached the historical price level.
On November 6, ADA/USD reached a high of $0.3757, which corresponds to the historical price level. Cardano has not surpassed its last high since July 14. Further gains in the cryptocurrency are unlikely as the market is approaching overbought territory. On the upside, if buyers break through the $0.38 barrier, the market will rise to highs of $0.41 and $0.46. Cardano is likely to fall if buyers fail to break the current high. The ADA price will fall to the breakout level of $0.30. However, if the $0.30 support holds, the market will oscillate between $0.30 and $0.37. At the time of writing, the ADA price is $0.35.
The moving average lines are trending upwards, indicating an uptrend in reaction to the recent uptrend. On the 4-hour chart, the ADA price has risen above the 21-day SMA, suggesting that the cryptocurrency may be in an uptrend. The altcoin is believed to be overbought, with a rejection at a high of $0.37.
Key resistance zones: $0.30, $0.35, $0.40
Key support zones: $0.20, $0.15, $0.10
Cardano has entered the overbought zone of the market, but it seems that it will continue to rise to retest or break through the $0.38 resistance zone. The current retracement has stopped above the 21-day SMA or the $0.34 support on the 4-hour chart. This means that the altcoin will fluctuate between $0.34 and $0.37 as buyers recoup their losses.
As we reported on November 2, 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.
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.