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Cardano Makes Positive Moves but Unable to Push Above $1.50 Resistance

Analytics

coinidol.com 07 July 2021 12:31, UTC
  
Reading time: ~2 m

Following the breakdown on June 22, Cardano's (ADA) price has made a consistent positive move to the upside. The cryptocurrency has risen from the low of $1.00 to the high of $1.42.

On July 4, ADA price rose to the high $1.50, but was repelled as the crypto fell to the low of $1.37. ADA upward movement will depend on breaking resistance at $1.50 high.

At the $1.50 high, the ADA /USD is expected to reach the overbought area of the market. Sellers will likely push prices lower. However, if the bulls break through the resistance at $1.50, ADA will rise and retest the next resistance at $1.80. Meanwhile, Cardano has resumed a range-bound move below resistance. ADA /USD is trading at $1.42 at the time of writing.

Cardano indicator analysis

ADA price has broken above the descending channel resistance line. The uptrend is likely to continue if the price closes above it. Cardano has risen to the level 50 of the Relative Strength Index of the period 14. It indicates that there is a balance between supply and demand. The cryptocurrency is above the 40% area of the daily stochastic. This indicates that ADA is in a bullish momentum. The cryptocurrency price has broken out above the 21-day SMA. A break above the 50-day line SMA indicates that ADA is in the bullish trend zone. The cryptocurrency will start to move higher.


Technical indicators:

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 likely to continue an upward move if the $1.50 resistance is broken. Currently, crypto is in a sideways trend as the bulls try to break the recent high. Meanwhile, on the June 23 uptrend; a retraced candlestick body tested the 50% Fibonacci retracement level. The retracement indicates that ADA will rise to level 2.0 Fibonacci extension or level $1.69.


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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