Cardano Starts The Second Upward Wave And Stays Above $0.34

Cardano(ADA) is currently trading in the overbought zone of the market. ADA price analysis by Coinidol.com.

Long-term forecast for the Cardano price: Bullish

Cardano (ADA) price has resumed its uptrend after the breakdown of the uptrend on November 11. The ADA price previously rose to a high of $0.39, which was in line with the historical price level of July 14. The upswing was halted when it retraced to the low of $0.34 as bulls bought the dips. Buyers have initiated the second upswing, with Cardano currently trading at $0.36.

The cryptocurrency has continued its uptrend. A retraced candlestick body tested the 78.6% Fibonacci retracement level of the November 11 upswing. The retracement suggests that ADA will rise but then reverse at the 1.272 Fibonacci extension or the $0.43 level. On the downside, the $0.34 support level remains in place as ADA resumes its uptrend.

Analysis of the Cardano indicators

The price bars, including the long tail candle from November 14, are pointing down above the moving average lines. The extended tail of the candle signals strong buying at the current support. The price bars on the 4-hour chart are below the moving average, indicating the current decline.

Technical indicators

Key resistance zones: $0.30, $0.35, $0.40
Key support zones: $0.20, $0.15, $0.10

What is the next move for Cardano?

After rejecting the high of $0.39, the cryptocurrency is making another attempt to resume its upward movement. Since November 11, the price of the altcoin has been hovering between $0.34 and $0.39. If the resistance level of $0.39 is broken, Cardano will start to rise.

Last week Coinidol.com reported that on November 6, ADA/USD reached a high of $0.3757, which corresponds to the historical price level. 

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.com. Readers should do their research before investing in funds.