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The price of Cardano ($ADA) is rising after breaking above the 21-day SMA or resistance at $0.45.
Long-term forecast for the Cardano price: bearish
The altcoin is approaching the top of the 50-day SMA or resistance at $0.50. On the upside, Cardano will resume its uptrend if the current bullish momentum breaks above the 50-day SMA. The altcoin will reach highs of $0.62 and $0.68.
However, if it is rejected at the 50-day SMA, Cardano would be caught between the moving average lines. The altcoin will start to fluctuate between the moving average lines. In other words, the $ADA price will fluctuate between $0.45 and $0.50. The current exchange rate between $ADA and USD is $0.47.
Analysis of the Cardano indicator
Cardano's price bars have risen above the 21-day SMA but remain below the 50-day SMA. If the price of Cardano rises above the 50-day SMA, the negative trend will be stopped. The 21-day SMA had capped the previous uptrend but has now been breached. The buyers still have to overcome a barrier at the 50-day SMA before they can resume the uptrend.
Technical indicators
Key resistance zones: $0.80, $0.85 and $0.90
Key support zones: $0.50, $0.45 and $0.40
What is the next move for Cardano?
Cardano is bouncing as it approaches resistance at $0.50. On the 4-hour chart, the $ADA price is stuck at $0.49. It is currently trading below its recent high, the cryptocurrency has tested the resistance level twice. This means that Cardano will fluctuate for a few days.
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.com. Readers should do their research before investing in funds.