Cardano Struggles Below $1.26 High as Altcoin Continues Uptrend

Apr 06, 2022 at 11:31 // Price
Coin Idol

The price of Cardano (ADA) is trading in the bullish trend zone as the altcoin has reached the high of $1.26.

Cardano (ADA) price long-term forecasts: bullish

Since March 28, buyers have failed to maintain bullish momentum above the recent high. This is because Cardano has reached the overbought area of the market. The altcoin seems to have taken a pullback to the downside, but has come back. If the bulls break through the resistance at $1.26, the price of ADA will rise to a high at $1.60. Cardano will continue to rise to the high of $1.75. However, if Cardano is rejected at the recent high, the cryptocurrency will fall to the psychological price level of $1.00.

Cardano Indicator Analysis

The price of ADA has fallen to the 58 level of the Relative Strength Index for the 14 period. Altcoin is still in the uptrend and is capable of further upward movement. ADA Price has a bullish crossover. That is, the 21-day line SMA crosses above the 50-day line SMA, signalling a buy order. Cardano is below the 60% area of the daily stochastic. The altcoin is in a bearish momentum. Nevertheless, the cryptocurrency price is above the moving averages, indicating a possible upward movement of the cryptocurrency.

ADAUSD(Daily Chart) - April 6.png

Technical Indicators 

Key resistance zones: $3.00, $3.50, $4.00
Key support zones: $2.50, $2.00, $1.50

ADAUSD( Daily CHart 2) - April 6.png

What is the next move for Cardano?

The ADA price is in an upward movement, but is rejected at the resistance zone at $1.26. There is a probability of further upward movement of the cryptocurrency. Meanwhile, on March 28, the uptrend; a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will rise, but will reverse at the Fibonacci extension of 1.272 or $1.37.

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 funds.

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