The price of Cardano (ADA) is rising and remains in a sideways trend.
Cardano price long-term forecast: bullish
Buyers are pushing the altcoin to regain its high after the rise was halted. Cardano reached a high of $1.32 before the coin crashed. The ADA price has returned above the moving average lines, but is still facing resistance at $0.93. Bulls broke through the $0.93 barrier and rose to a high of $1.00, but then fell back above $0.93. If buyers break through the $0.93 barrier, Cardano will rise to highs between $1.00 and $1.20.
In the meantime, bulls and bears are fighting for price control above the $0.93 support.
Cardano price indicators analysis
Today, a long candlestick wick pierces the $1.00 level. The extended candlestick wick indicates significant selling pressure at the $1.00 level. The price bars are above the horizontal moving average lines. The altcoin price will rise as long as it stays above the 21-day SMA support.
Technical Indicators
Key Resistance Zones: $1.20, $1.30, and $1.40
Key Support Zones: $0.90, $0.80, and $0.70
What is the next step for Cardano?
Cardano is bearish on the 4-hour chart, although it is trading above the 21-day SMA support and below the $1.00 resistance level. If the price rises above $1.00, the uptrend will begin.
However, the uptrend would end if the altcoin loses the 21-day SMA support.
Previously, the price of ADA recovered above the low of $0.68 and the 50-day SMA support, as CoinIdol.com wrote on August 8.
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.
