Cardano Gains, But Stops At The High Of $0.27

The latest price analysis by Coinidol.com report, Cardano (ADA) price, which was trading horizontally, has now risen above the moving average lines.

Cardano price long-term forecasts: bearish

The altcoin rose to a high of $0.27 on October 2, but encountered resistance. The market is overbought near the recent high. Since August 20, buyers have unsuccessfully attempted to break above the $0.27 resistance four times. Cardano can therefore only move in a range between $0.24 and $0.27. At the time of writing, the altcoin is trading at $0.25. The cryptocurrency will move up and retest resistance at $0.27 if it stays above the moving average lines. Cardano’s upward momentum will resume once the $0.27 barrier is broken. If buyers are successful, the market will rise to a high of $0.32. The altcoin is currently moving back above the moving average lines, but ADA will fall back to its previous low of $0.24 if the bears fall below the 50-day line SMA.

Cardano indicator analysis

Cardano has continued to move above the moving average lines after an upward retracement. The price of ADA will rise as long as the price bars are above the moving average lines. The moving average lines are sloping south, indicating a downtrend.

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?

Cardano is moving positive on the 4-hour chart after reaching the overbought area at $0.27. The price of the cryptocurrency has reached a series of higher highs and higher lows. The price of the cryptocurrency is above the support level of $0.25 and is now moving upwards. However, if the bulls are not able to break the current high, the sideways movement might continue.

On September 27, 2023 cryptocurrency analytics specialists of Coinidol.com stated that Cardano rose above the $0.23 support during the downtrend on August 17 as bulls bought the dips. The positive momentum was maintained by buyers until the high of $0.28. 

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.

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• Source: https://coinidol.com/cardano-stops-high-0-27/