Cardano Makes Positive Moves, but May Face Resistance at $1.40
Cardano (ADA) is making positive moves to previous highs. The crypto fell to the previous low at $1.01 and recovered above the current support. The altcoin rallied to $1.24 and back up after a pullback.
By all appearances, it is likely that ADA will retest the high of $1.40. On the upside, if the bullish momentum extends above $1.60 high, ADA will be in the bullish trend zone.
ADA/USD will be out of the downward correction. It is likely that Cardano will resume an upward momentum. However, the upside move is likely to face rejection at the $1.40 high. In previous price action, ADA was range-bound below resistance at $1.40 before it was breached. ADA /USD is trading at $1.275 at the time of writing.
Cardano indicator analysis
Cardano has fallen to the 40 level on the Relative Strength Index for period 14. It indicates that the market is in the bearish trend zone and below the center line 50. ADA is above the 80% area of daily stochastic. It indicates that ADA is in the overbought area of the market. Sellers might show up and push the prices down. The cryptocurrency price is below the moving averages, which indicates that ADA is in the bearish trend zone.
Major Resistance Levels - $2.00 and $2.20
Major Support Levels - $1.60 and $1.40
What is the next move for Cardano?
Cardano is making positive moves after rebounding above current support. Meanwhile, on June 22 uptrend; a retraced candlestick body tested the 61.8% Fibonacci retracement level. The retracement indicates that ADA will rise to the level 1,618 Fibonacci extension or level $1.37.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
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