Cardano (ADA) price has broken through the $0.40 resistance level and is approaching the expected price target of $0.434. ADA price analysis by Coinidol.com.
Long-Term Cardano Price Forecast: Bullish
The cryptocurrency is trading above the moving average lines in anticipation of a positive trend. After the recent breakout, ADA price has risen to a high of $0.426.
Coinidol.com previously reported that on November 27, the bears retested the 21-day SMA, but the bulls bought the dips and ADA was trading at $0.38.
The price signal suggests that the market will continue to rise to a high of $0.434. ADA price is falling after reaching a high of $0.434. The uptrend will continue if the altcoin falls back above the $0.40 breakout level.
Meanwhile, the market has reached an overbought condition. The current rise could stop at the high of $0.434 and then reverse. If the price also falls below the 21-day SMA, the decline will resume. The altcoin will fall further to a low above the 50-day SMA or $0.34.
Cardano indicator analysis
Moving average lines are upward sloping and are below the price bars. Price bars show higher highs and higher lows. The altcoin is trading in the overbought zone of the market. Price action is expected to be moderate in the overbought area of the market.
Technical indicators
Key Resistance Zones: $0.30, $0.35, $0.40
Key Support Zones: $0.20, $0.15, $0.10
What is Cardano’s next step?
Cardano price approached the $0.43 level before pulling back. The altcoin has hit a low of $0.419 per coin. The uptrend will continue if the pullback remains above the existing support level. The altcoin could hit a high of $0.46 if it breaks the $0.43 resistance.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrencies and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
