Cardano Jumps Back Above $0.66

The price of Cardano (ADA) rose back above the moving average lines on April 23.

ADA price long-term forecast: bullish

However, the rising momentum stopped after reaching the high of $0.74. Buyers have failed to sustain the positive momentum above the $0.75 level.

Over the past week, the altcoin has retreated and remained above the moving average lines. The price of the cryptocurrency is fluctuating above the moving average lines but below the $0.75 resistance level. The price of ADA has resumed its uptrend above the 50-day SMA today. If Cardano breaks through the $0.75 barrier, it will rise to the previous high of $1.02.

However, if Cardano falls below the moving average lines, it could drop to a low of $0.60. The altcoin is now rising within the positive trend zone. The value of the altcoin stands at $0.692.

ADA analysis of the indicators

The price bars of ADA have pulled back above the moving average lines. The altcoin is likely to rise if the 50-day SMA support holds. Cryptocurrency prices will rise and either break through the $0.75 barrier or retest it. The price bars are below the moving average lines on the 4-hour chart. The price of cryptocurrencies has been rising on the 4-hour chart.

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What is the next step for Cardano?

Cardano is currently trading in the bullish trend zone. On the daily chart, the altcoin has the potential to rise above the moving average lines. On the 4-hour chart, the price of ADA is moving sideways between $0.66 and $0.75. After retesting the current support at $0.66, Cardano is now rising. Breaking the resistance at $0.75 will signal the beginning of the uptrend.

Otherwise, the altcoin will remain near the bottom of the chart and continue to move sideways.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.