Cardano Recovers, But Remains Below The Resistance Of $0.32

Jan 11, 2023 at 10:37 // Price
Coin Idol
The cryptocurrency's price will fluctuate between $0.28 and $0.32

Cardano (ADA) price is rising after breaking through the resistance at $0.28.

Cardano price long-term forecasts: bullish

The cryptocurrency's price climbed above the 50-day line SMA, as the altcoin rose to a high of $0.346. The altcoin has now entered the overbought zone of the market due to the recent price rally. This suggests that the current upward momentum is likely to be temporary. The altcoin is again fluctuating below the $0.32 resistance level after retreating below it. Buyers have been desperately trying to break through the $0.23 resistance since November 23. As the market enters the overbought zone, an upward movement of the altcoin is unlikely. If Cardano is rejected from its recent high, it will fall to the breakout level of $0.28. At the time of writing, the price of ADA has retreated to its low of $0.31.

Cardano indicator analysis

Cardano is at level 74 of the Relative Strength Index for period 14. The altcoin has risen into the overbought zone before returning to the uptrend zone. As long as the price bars are above the moving average lines, the altcoin will rise. Cardano is experiencing bearish momentum below the daily stochastic level of 40.

ADAUSD(Daily chart) - January 11.23.jpg

Technical indicators 

Key resistance zones: $1.00, $1.20, $1.40

Important support zones: $0.60, $0.40, $0.20

What is the next move for Cardano?

After the recent price recovery, Cardano is currently fluctuating below the $0.32 resistance level. The altcoin will decline and find support above the moving average lines on the downside. The cryptocurrency's price will fluctuate between $0.28 and $0.32 if it finds support above the moving average lines. If the altcoin falls below the 50-day line SMA, the movement will resume within the range.

ADAUSD( 4 Hour Chart) - January 11.23.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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