Cardano Resumes Its Ascent And Rises Above $0.30

Jul 20, 2023 at 11:11 // Price
Coin Idol
Cardano is in an uptrend cryptocurrency price analytics. The price of Cardano (ADA) is regaining ground after breaking through resistance at $0.30 and the 50-day line SMA.

The cryptocurrency asset has been trading in a range of $0.25 to $0.30.

Long-term forecast for Cardano (ADA) price: bullish reported on July 13, Cardano rallied and broke through the 50-day simple moving average and the $0.30 resistance level. The ADA price rose to a high of $0.378 before falling again. The current uptrend is expected to continue as the price retraced above the moving average lines or the $0.30 support level.

Cardano is currently returning to previous highs. If the current barrier of $0.37 is broken, the crypto will rise to a high of $0.54. Cardano will fall into the range of fluctuation if the bears smash the current support at $0.30. 

Cardano (ADA) Indicator Analysis

Cardano is in an uptrend. For the 14 period, the Relative Strength Index is at 55. ADA has the potential to rise to the previous high. The price bars are now above the moving average lines, indicating that the price will continue to rise. ADA has strong momentum above the daily Stochastic threshold of 60. The altcoin is reaching the overbought area of the market.

Technical Indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

ADAUSD_(4 Hour Chart) – July 19.jpg

What is the next move for Cardano (ADA)?

Cardano has resumed its uptrend and has risen above the moving average lines. The bullish momentum is approaching the overbought zone of the market. If sellers appear in the overbought zone of the market, the current uptrend could be interrupted.

ADAUSD_(Daily Chart) – July 19.jpg

Disclaimer. This analysis and forecast is the personal opinions of the author and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered an endorsement by Readers should do their own research before investing in funds.

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