Today, Cardano's price is attempting to retest or break the $1.40. Buyers have not been able to push ADA above the overhead resistance. Rather, the market fluctuates between levels $1.00 and $1.40 price levels.
Each time the altcoin retest the overhead resistance, ADA will fall and resume downward correction. Today, the upward move is short-lived as the altcoin is repelled at the $1.35 resistance.
On the upside, if the bulls break the $1.400 overhead resistance, the two-month-old overhead resistance will be breached. Also, the market will rise above the $1.50 price level. In the previous price action, the bulls could not sustain the bullish momentum above the $1.50 resistance. Conversely, if the $1.40 overhead resistance remains unbroken, ADA will continue its downward correction below the resistance.
Cardano indicator analysis
Cardano is at level 54 of the Relative Strength Index period 14. It indicates that altcoin is in the uptrend zone and capable of rising on the upside. . The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways movement of prices.
Major Resistance Levels – $1.40 and $1.60
Major Support Levels – $0.80 and $0.60
What is the next move for Cardano?
ADA price is likely to be in a range-bound move until the overhead resistance is breached. In the brief uptrend of April 27, the retraced candle body tested the 88.6% Fibonacci retracement level. This retracement implies that ADA will rise to level 1.1129 Fibonacci extensions or the high of $1.368. From the price action, ADA is trading marginally to retest the overhead resistance. The overhead resistance can be broken by strong bullish momentum.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.
Source: Read Full Article