Cardano's Upward Momentum Wanes As It Encounters Rejection At $0.39

Mar 30, 2023 at 08:27 // Price
Coin Idol
Cardano is trending right as it passes the moving average lines

The price of Cardano (ADA) is on the rise again after breaking the 50-day line SMA twice.

Cardano price long-term forecasts: bullish

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 indicator analysis

 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.

ADAUSD_(Daily Chart) - March 29.23.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 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.

ADAUSD(4 - Hour Chart) - March 29.23.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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