Cardano Is In Uptrend But Challenges $0.37 High

Cardano (ADA) prices fluctuate as they did last week.

Cardano price long term forecast: bullish

Last week, the cryptocurrency hit a high of $0.37 before falling back down. When the ADA was overbought, the altcoin fell to as low as $0.32. After the recent crash, the coin hit a high of $0.38 on January 22. However, the altcoin fell to as low as $0.35. The crypto price has hit a series of higher highs and lower lows since last week. Since altcoins are trading in the market’s bullish trend zone, it is likely that the crypto will continue to increase. If the $0.37 resistance is broken, Cardano has the potential to rise to $0.45. At the time of writing, alternative coins are selling for $0.35.

Analysis of Cardano indicators

Cardano is at level 64 on the Relative Strength Index for 14 periods, which is a positive trend zone. As long as the price bar is above the moving average line, the cryptocurrency is growing. The current increase in price is due to the price bar being above the moving average line. Cardano had bearish momentum below the 80 daily stochastic threshold, but by the time the altcoin started its uptrend, the bearish momentum had died down.

Technical indicators

Key resistance zones: $1.00, $1.20, $1.40

Main support zones: $0.60, $0.40, $0.20

What’s the next step for Cardano?

Cardano will continue to move higher as long as the price bars are above the moving average line. The high at $0.37 is an uptrend barrier. Once the resistance level is overcome, the uptrend will continue. ADA prices are moving up again.

Disclaimer. This analysis and forecast is the personal opinion of the author and is not a recommendation to buy or sell cryptocurrencies and should not be seen as an endorsement by CoinIdol. Readers should do their own research before investing in funds.