Cardano Holds Above $0.27 And Continues Its Uptrend

Oct 25, 2023 at 10:10 // Price
Author
Coin Idol
Cardano has the advantage of rising during a positive trend

Cryptocurrency analysts of Coinidol.com report, the price of Cardano (ADA) has regained upward momentum after breaking above the moving average lines.

Cardano price long-term forecast: bullish

The cryptocurrency asset has continued its uptrend and has retraced above the $0.27 support level in search of a new upside momentum. At the time of writing, the price of ADA/USD is at $0.28. Cardano's action radius has been exhausted.

The altcoin moved between $0.24 and $0.27 in the last price movement. The bulls broke through the resistance at $0.27 and retested it to continue their upward movement. The current uptrend of the buyers will continue to a high of $0.32 if they can overcome the initial obstacle at $0.29. The cryptocurrency value will enter a range-bound area if the bears break the $0.27 support. Meanwhile, the altcoin has been trading between $0.27 and $0.29 over the past 48 hours.

Cardano indicator analysis

The price bars are now above the moving average lines as a result of the recent breakout. Cardano has the advantage of rising during a positive trend. The altcoin will fall into the range-bound region if the bears manage to break the existing support. The decline of the altcoin will cause the cryptocurrency to run sideways even further.

ADAUSD_ (Daily Chart) – OCT. 25.23.jpg

Technical indicators

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

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

What is the next move for Cardano?

The 4-hour chart of ADA/USD shows an uptrend. The price of the cryptocurrency is forming a series of higher highs and higher lows. According to the price indicator, the value of Cardano could continue to rise. A retraced candlestick tested the 61.8% Fibonacci retracement level of the October 24 upswing. The retracement suggests ADA will rise to the Fibonacci extension of 1.618 or $0.316. According to the price activity, the altcoin has reached a high of $0.281.

ADAUSD_ (4 Hour Chart) – OCT. 25.23.jpg

As we reported on October 18, on October 12, the cryptocurrency fell to a low of $0.242 before recovering. Cardano would have fallen even further if the support level of $0.24 had been breached. 

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 research before investing in funds.

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