Cardano's (ADA) price is trading above the moving average lines. Since June 13, ADA price has been in a range-bound move between $0.40 and $0.55 price levels.
On July 30, the upward move was repelled at the $0.55 resistance. Today, Cardano has retraced above the moving average lines. The current retracement is holding above the moving average lines. Cardano would have declined to the low of $0.40 if the bears had broken below the moving average lines. On the upside, if the bulls break the resistance at $0.55, the market will rally to the high of $0.70. Meanwhile, ADA/USD is trading at $0.50 at the time of writing.
ADA is at level 53 of the Relative Strength Index for period 14. It indicates that the altcoin is in the uptrend zone and may further rise. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. ADA is above the 40 % range of the daily stochastic. The market is in a bullish momentum.
Key Resistance Zones: $0.60, $0.70, $0.80
Key Support Zones: $0.50, $0.40, $0.30
Cardano has resumed its upward move as the altcoin revisits the previous high. The price indicator has indicated a possible reversal of ADA price. On the August 1 downtrend, a retraced candle body tested the 78% Fibonacci retracement level. The retracement suggests that ADA will fall to level 1.272 Fibonacci extension or level $0.49. From the piece action, Cardano has tested the Fibonacci extension and resumed upward.
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.