Cardano Price Stabilizes Above $0.90 As It Heads For The Recent High

Cardano (ADA) has maintained its uptrend and rose to $1.10 on November 23. Cardano is forecast to reach previous highs of $2.47 and $3.00.

Cardano price long-term forecast: bullish

However, the upward momentum has hit a barrier at $1.10. Buyers made two unsuccessful attempts to hold the price above $1.10 but were rebuffed. According to Coinidol.com, the upward movement of the price has stalled at $1.10 since November 23.

The altcoin is trading above the 21-day SMA but below the previous high, indicating an uptrend. ADA could fall above the 21-day SMA support or hit a low of $0.80 from its previous high. On the upside, the rise will continue once the $1.10 barrier is breached.

At the time of writing, Cardano is currently worth $1.09.

ADA indicator analysis

The price bars are above the upward moving average lines. There are two candlestick wicks pointing towards the $1.10 resistance level. The wicks of these candles indicate significant selling pressure at higher prices. The price movements have been dominated by small body uncertain candlesticks known as Dojis.

Technical Indicators

Key Resistance Zones: $0.90, $1.00, and $1.10

Key Support Zones: $0.80, $0.70, and $0.60

What is the next move for Cardano?

Cardano is in an uptrend but has stalled at the $1.10 high. The price bars are stabilizing above the moving average lines but below the resistance at $1.10. The altcoin was repelled at the resistance level and is now confined to its range.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.

Source