Cardano (ADA) has resumed its uptrend and broken above the $0.40 resistance level. Cardano has been trading sideways for the past three months, with support at $0.30 and resistance at $0.40.
Today's upside momentum reached a high of $0.7480. On the uptrend from November 11, a declining candlestick body tested the 78.6% Fibonacci retracement level. The retracement predicts that the ADA price will continue to rise before reversing at the 1.272 Fibonacci extension or $0.7407.
The ADA price is currently approaching its high of $0.75. Cardano will rally to its highs of $0.78 and $0.80 if the barrier is breached.
The horizontal moving average lines are trending upwards in response to the current price rise. In addition, the moving average lines have formed a bullish crossover, indicating that the cryptocurrency will continue to rise. The doji candlesticks have disappeared since the breakout, indicating that the bulls have taken control.
Key Resistance Zones: $0.80, $0.85, and $0.90
Key Support Zones: $0.50, $0.45, and $0.40
On the 4-hour chart, Cardano is in an uptrend after breaking through the $0.40 barrier. The upswing was paused at its high of $0.62 for a week before resuming. Today's rise has continued to a high of $0.7480. However, the uptrend could face resistance near the high of $0.75.
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.
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