Cardano Rises Back Above $0.38 And Takes Aim At The Previous High

Feb 15, 2023 at 12:22 // Price
Coin Idol
Cardano rises back above $0.38

Cardano (ADA) price is rising as it exceeds the 21-day SMA.

Cardano price long-term forecasts: bullish

The overbought area at $0.39 has rejected the positive momentum. The price of ADA is currently down from its recent high. However, the current upswing will continue if prices move back above the 21-day SMA line. Buyers will try to overcome the resistance at $0.40. On the other hand, selling pressure will increase again if the price falls back below the 21-day line SMA. However, the price of the cryptocurrency will fall below the 21-day line SMA and return to the low of $0.35. The cryptocurrency value will be forced to move in a range between the moving average lines if it falls to its previous low. At the time of writing, ADA is currently trading for $0.38. 

Cardano indicator analysis

Cardano is currently trading at 55 on the Relative Strength Index for the 14 period, which is in the bullish trend zone. The price bar is just above the moving average lines, which could cause the cryptocurrency to go much higher. Cardano is trading in an area of the market that is overbought. It is in a slight retracement in the overbought zone. The cryptocurrency is above the daily stochastic threshold of 80. The overbought area will see the emergence of sellers.

ADAUSD(Daily Chart) - February 15.23.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 has risen to a high of $0.39, resuming its uptrend. The altcoin's initial advance was halted at the last high. The cryptocurrency is currently rising again and testing the resistance levels of $0.39 and $0.40. The alternative currency will rise to $0.44. If not, the downtrend will continue.

ADAUSD( 4 Hour Chart) - February 15.23.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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