Cardano Struggles Below $1.26 as Altcoin Continues Uptrend
April 06, 2022 at 12:31 PM // Awards
Cardano (ADA) price is trading in the uptrend zone as the altcoin hit the high of $1.26.
Cardano (ADA) Price Long-Term Forecast: Bullish
Since March 28, buyers have failed to sustain bullish momentum above the recent high. Indeed, Cardano has reached the overbought zone of the market. The altcoin seems to have retreated, but it has come back. If the bulls break through the resistance at $1.26, the price of ADA will peak at $1.60. Cardano will continue to rise to reach 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.
Analysis of the Cardano indicator
ADA price fell to the 14-period Relative Strength Index level 58. Altcoin is still in the uptrend and is able to continue its upward move. ADA Price has a bullish crossover. In other words, the 21-day SMA line crosses above the 50-day SMA line, signaling a buy order. Cardano is below the 60% area of the daily stochastic. The altcoin is in a bearish momentum. Nevertheless, the price of the cryptocurrency is above the moving averages, indicating a possible upward movement of the cryptocurrency.
Technical indicators
Key Resistance Areas: $3.00, $3.50, $4.00
Key support areas: $2.50, $2.00, $1.50
What’s next for Cardano?
ADA price is in an upward move, but is rejected at the resistance zone at $1.26. There is a probability of further upward movement of the cryptocurrency. Meanwhile, March 28, the uptrend; a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will rise, but reverse at the Fibonacci extension of 1.272 or $1.37.
Warning. This analysis and predictions are the personal opinions of the author and do not constitute a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol. Readers should do their own research before investing funds.