Cardano Holds Above $0.26 Support On The Way Up

Cryptocurrency analysts of Coinidol.com report, Cardano (ADA) has recovered from its low of $0.23.

Cardano price long-term forecasts: bearish

The cryptocurrency asset rallied above the $0.25 support level and started to climb within a certain range. Last week, the price of ADA /USD moved between $0.25 and $0.27. At the time of writing, the altcoin is trading at $0.26. The cryptocurrency tested the $0.27 resistance level twice, but was rejected both times.

On the downside, the extended candlestick indicates strong support at lower price levels. The cryptocurrency is unlikely to fall further as buyers maintain support at $0.26. Cardano, on the other hand, is vulnerable to a decline as it is in a bearish trend zone. The altcoin has previously entered the oversold area of the market. When buyers appear in the oversold area of the market, the altcoin will rise. ADA will rise above the moving average line or resistance at $0.30.

Cardano indicator analysis

Cardano corrects upwards when it exceeds the Relative Strength Index Level 39 for the period 14. After the upward retracement, the altcoin is now in the downward trend zone. It is also in a bullish momentum above the Stochastic daily level of 80. The altcoin has reached the overbought level of the market and could fall.

Technical Indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next step for Cardano?

After the price increase on August 18, Cardano is trading in a range. The altcoin has crossed the moving average lines in the lower time frame. It has started to retrace above the moving average lines. If the altcoin retraces above the moving average lines, it could continue to rise. In the meantime, it is trading above the current support.

As we reported on August 17, the cryptocurrency fell to a low of $0.26 before recovering. The deterioration has continued since July 14. 

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.

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