Cardano Continues Its Uptrend And Challenges Resistance At $0.27

Jan 04, 2023 at 10:23 // Price
Coin Idol
Cardano is trading in the bullish trend zone

Cardano (ADA) price has regained upward momentum after rising above $0.24 support.

Cardano price long-term forecasts: bearish

Buyers have protected existing support at $0.24 since the price dipped on December 19. Today's price rally broke through the 21-day line SMA, before moving towards the 50-day line SMA. If the price rises above the 50-day line SMA, Cardano will reach a high of $0.40. However, the initial resistance level at $0.27 has proven to be a barrier to previous positive momentum. If the upside is hindered, the cryptocurrency will be forced to move in a range between the moving average lines. The altcoin is currently struggling to overcome the resistance at $0.26.

Cardano indicator analysis

The Relative Strength Index for the period 14 shows Cardano at the level 48. The price of ADA is approaching the positive trend zone while it is recovering. The price of the cryptocurrency is between the moving average lines, which indicates a potential movement within the range. The daily stochastic for the altcoin is above the level of 80. The cryptocurrency's range is now overbought.

ADAUSD(Daily Chart) - December 4.23.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 trading in the bullish trend zone on the 4-hour chart. The $0.27 resistance zone is the point where the uptrend is rejected. If the cryptocurrency fails to break the recent high, it will fall and find support above $0.25.

ADAUSD( 4 Hour Chart) - Decemer 4.23.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.

Show comments(0 comments)