Cardano Rises to $0.43 Highs and Rebounds as It Resumes Uptrend
Cardano (ADA) price is on a downtrend but is making an upward correction. On October 25th, the cryptocurrency’s value rose, surpassing the 21st line SMA and reaching a high of $0.41.
Cardano is currently above the 21-day SMA but below the 50-day SMA. On the positive side, if ADA recovers above his 50-day SMA, it will break above the moving averages. Upward momentum is likely to pick up again.
Buyers are trying to force the altcoin to retest the $0.60 cap resistance. On the other hand, if the coin fails to recover above the moving averages, ADA/USD will be forced to move between the moving averages. As of this writing, ADA is trading at $0.40.
Cardano indicator analysis
Cardano is at level 53 of the Relative Strength Index for period 14 due to recent price increases. Altcoins are in a bullish trend zone and may continue to rise. A bearish exhaustion has been reached in the current downtrend. Cardano’s daily stochastic is below the 60% area.
Main resistance zones: $1.00, $1.20, $1.40
Key support zone: $0.60, $0.40, $0.20
What is Cardano’s next move?
Cardano has bounced back from a low of $0.33 as altcoins return to their previous highs. The ADA saw him rise to a high of $0.43 but was pulled back. In the uptrend on Oct. 25, a retraced candle tested his 50% Fibonacci level. The retracement suggests a rally for ADA to the 2.0 Fibonacci extension level or $0.50.
Disclaimer. This analysis and predictions are the author’s personal opinion and are not endorsements to buy or sell cryptocurrencies and should not be considered endorsements by CoinIdol. Readers should do their own research before investing in any fund.
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