Cardano Rises But Falls Below $1.20

The price of Cardano (ADA) has continued to recover from the bottom of the chart after being trapped at the high of $1.20. The cryptocurrency is recovering and is on track to reach its peak price of $3.00.

Cardano price long term forecast: bullish

However, ADA price was pushed back from its previous high and fell below the 21-day SMA. The bulls bought the dips and the price rebounded above the 21-day SMA support. The altcoin will rise if the 21-day SMA support holds. The altcoin will rise and challenge the resistance level at $1.20. If the altcoin breaks above $1.20, it could reach a high of $1.60.

According to Coinidol.com, the altcoin is trading above the 21-day SMA but below the resistance level of $1.20 if buyers fail to sustain the upside momentum above the recent high. Cardano is now worth $1.14.

Analysis of the Cardano indicators 

The price bars have risen above the moving average lines, suggesting that the cryptocurrency could be on its way up. However, buyers are still struggling to maintain their bullish momentum. If the altcoin falls below the 21-day SMA, it will be forced to trade in a narrow range.

Technical Indicators 

Key Resistance Zones: $1.20, $1.30, and $1.40 

Key Support Zones: $0.90, $0.80, and $0.70 

What's the next move for Cardano?

On the 4-hour chart, Cardano is trading in a range above the $0.90 support and below the $1.20 resistance level. The upward movement was halted at the $1.20 resistance. The altcoin will continue to fluctuate within its range until the upswing resumes.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.