Cardano Pulls Back But Takes Aim At High At $0.51

Apr 19, 2023 at 11:00 // Price
Coin Idol
Cardano pulls back

The price of Cardano (ADA) has risen above the moving average lines, resuming its increase.

Cardano price long-term forecasts: bullish

The price of the cryptocurrency has seen a series of higher highs and higher lows. The price of the cryptocurrency has risen to a high of $0.43 as of this writing. On April 15, Cardano reached a high of $0.46 before being rejected. The cryptocurrency value has reached a market area known as overbought. If the resistance at $0.46 is broken, Cardano will rise to its previous highs. The altcoin was rejected on April 16 when it entered the overbought area. The retraced candlestick of the April rally tested the 61.8% Fibonacci retracement line in the meantime. The retracement shows that ADa will rise to the Fibonacci extension level of 1.618 or $0.51. ADA is currently retreating after being overbought earlier. 

Cardano indicator analysis

Cardano is at level 66 on the Relative Strength Index for period 14 and is in the positive trend zone. When the bearish momentum subsides, the altcoin will rise. The moving average lines are above the price bars, causing Cardano to rise. Cardano is experiencing bearish momentum below the daily stochastic threshold of 40.

ADAUSD(Daily Chart) - April 19.23.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 has retraced between the moving average lines on the 4-hour chart. This means that Cardano has a few days to move in a range between the moving average lines. Sellers are currently trying to drop below the 50-day line SMA. As a result, the cryptocurrency will continue to fall.

ADAUSD( 4 Hour Chart) April 19.23.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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