Since August 1, the price of Cardano (ADA) has risen to a high of $1.38. Shortly after reaching the new price level, the cryptocurrency asset fell back to a low of $1.26. Buyers pushed the altcoin to the previous high, but the upward momentum could not be sustained.
Since the beginning of the new month, Cardano is back in a sideways trend. The previous uptrend ended at the recent high. Today, ADA prices are falling after being rejected at the recent high. If buyers manage to push ADA above the $1.38 resistance, the altcoin will rise to $1.50. At this price level, sellers and buyers will wrestle for ownership of the price. If the bulls are successful, the market will rise to $1.80. In the meantime, the price of ADA is fluctuating below the $1.38 resistance. analysis
Cardano indicator analysis
ADA price is above the 21-day and 50-day lines SMA, which indicates a possible rise in the cryptocurrency. Cardano is at level 57 of the Relative Strength Index for period 14, indicating that ADA is in the bullish trend zone and above the centre line 50. The altcoin is below the 80% area of the daily stochastic. This indicates that altcoin is in a bearish momentum.
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 currently in a sideways move below the $1.38 resistance. The Fibonacci tool has indicated further upward movement for the altcoin. Meanwhile, on the July 26 uptrend, a retraced candlestick body tested the 61.8% Fibonacci retracement level. The retracement suggests that ADA will rise to the Fibonacci extension level of $1.618 or $1.62.
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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