Cardano is one of the most performing altcoins which has been consistent in its upward move. The coin has earlier reached a high of $0.09 but was resisted because it reached the overbought region.
Sellers emerged to push ADA to $0.07 low. The crypto rebounded at $0.07 low and resumed a fresh uptrend. Today, the bulls have broken the earlier resistance and have moved to the $0.10 high.
A Fibonacci tool is used to determine the next target if the current resistance is breached. A red candle body tested the 0.618 Fibonacci retracement level. It indicates that the coin will rise and reach level 1.618 Fibonacci extension level. That is, ADA will rise to reach a high of $0.12 price level. Presently, the bulls are attempting to break the $0.10 resistance. It appears that the market is reaching another overbought region.
Cardano indicator analysis
ADA is presently above 80 % range of the daily stochastic. The stochastic bands are sloping downward indicating that price is falling. ADA is now in an overbought region as sellers are likely to emerge to push prices down. The crypto will continue its uptrend as price is above the EMAs.
Key Resistance Zones: $0.09, $0.10, $0.11
Key Support Zones: $0.05, $0.04, $0.02
What is the next move for Cardano?
ADA is battling to break above the current resistance. According to the Fibonacci tool, the market will reach a high of $0.12. In that case, the crypto will be out of the bear market and will have a season of bullish gains. This is possible if price is sustained above the EMAs. In the meantime, the uptrend is intact.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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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