Cardano Is On The Rise, But Could Face Rejection At A High Of $0.42

Apr 05, 2023 at 10:38 // Price
Coin Idol
Cardano will continue to rise, according to price indications

Cardano (ADA) is expected to be rejected despite its rising price at its high of $0.42.

Cardano price long-term forecasts: bullish

The value of the crypto asset will rise to a high of $0.48 if the resistance level is broken. Cardano has risen to a high of $0.39 at the time of writing. During the current rise, the price of Cardano has produced a series of higher highs and higher lows. The cryptocurrency will continue to rise, according to price indications. During the March 14 upswing, a candlestick tested the 38.2% Fibonacci retracement line. ADA will rise to the level 2.618 of the Fibonacci extension or $0.48 after the retracement. According to the price movement, Cardano is rising and approaching the barrier of $0.42.

Cardano indicator analysis

In the Relative Strength Index for the period 14, Cardano is at the level 60. The altcoin is in a positive trend zone and could rise much further. The current rise is due to the fact that the price bars are above the moving average lines. The daily stochastic value of 70 indicates bullish momentum for the cryptocurrency asset.

ADAUSD(Daily Chart) - April 5.23.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?

The cryptocurrency is currently in an uptrend and rising thanks to strong momentum. According to the price indication, the market will rise to a high of $0.48. However, recently Cardano has lost ground below the $0.42 resistance level.

ADAUSD(4 Hour Chart) - April 5.23.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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