The price of Cardano (ADA) is on the rise again after breaking the 50-day line SMA twice.
Today's high for the cryptocurrency asset is $0.38. The price indicator predicts that the current uptrend will peak at $0.40 or $0.42. Cardano is currently trading in an overbought market. As the altcoin approached $0.39, it met resistance. The cost of ADA will increase when sellers enter the overbought part of the market. Sellers will try to drive the price back to the previous range between $0.34 and $0.36. In the last price action, Cardano was trapped between the moving average lines since March 17. In the meantime, Cardano is still trading in the overbought zone.
Cardano is in the positive trend zone at level 60 of the 14-period Relative Strength Index. The altcoin has the potential for further growth. The cryptocurrency's price bars are above the lines representing the moving averages, which indicates likely higher increases. On the other hand, Cardano is heavily overbought on the market. The daily stochastic value exceeds the 80 level, and the cryptocurrency might fall as there is no more room for the bulls.
Key resistance zones: $1.00, $1.20, $1.40
Key support zones: $0.60, $0.40, $0.20
Cardano is trending right as it passes the moving average lines. The price is steadily rising as it approaches the overbought zone of the market. The market is currently approaching the overbought zone and the upward momentum is waning.
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.