Cardano Recovers Above $0.37 Low And Challenges Recent High

Mar 22, 2023 at 15:10 // Price
Coin Idol
Cardano has regained its bullish strength

Cardano (ADA) price has risen above the moving average lines, signaling the beginning of an uptrend.

Cardano price long-term forecasts: bullish

The current uptrend was slowed down when the altcoin approached the overbought sector of the market. The price of ADA has stabilized near the $0.37 support level after retreating from the recent high. The current upswing is slowed down by the high of $0.38. According to the price indicators, cryptocurrencies will continue to rise. During the March 13 upswing, a declining candlestick tested the 38.2% Fibonacci retracement line. After the retracement, ADA will rise to the 1.618 Fibonacci extension level or $0.43. Currently, the cryptocurrency price is bouncing below the $0.38 resistance level.

Cardano indicator analysis

Cardano will rise as it is currently at 57 on the 14-period relative strength index. The altcoin will rise in the bullish trend zone. A price increase is indicated by the ADA price bar, which is above the moving average line. The market for the altcoin is now overbought. Cardano is experiencing bearish momentum below the daily stochastic level of 80. The altcoin is falling but remains above the $0.37 support.

ADAUSD(Daily chart)22.03.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 regained its bullish strength as it trades in the bullish trend zone. The altcoin is in a minor retracement above the $0.37 support and the uptrend will continue if the current support holds. Cardano will rise and either retest or exceed the $0.38 resistance level. On the first retest, buyers were unable to hold the bullish momentum above the last high.

ADAUSD( 4 Hour Chart)22.03.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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