Cardano Breaks Through $1.18 Barrier

Hey there! It’s time for an update on Cardano (ADA) price movement. ADA has been making some impressive moves lately, climbing up from the lower end of the chart and breaking above the moving average lines and resistance at $0.76. Exciting stuff, right?

Looking ahead, the long-term forecast for Cardano is looking bullish. After hitting a high of $1.18, the bullish momentum took a breather. That $1.18 resistance level has been a tough nut to crack since way back in March 2022. If the buyers can push past that resistance, we could see ADA climb even higher to $1.40 before settling back down.

Taking a closer look at the indicators, Cardano has entered overbought territory, with a recent long candle wick signaling some significant selling pressure. The moving average lines are on the rise, indicating potential further gains. Right now, the price bars are hanging out between those moving average lines, hinting at a possible sideways movement.

As for key areas to watch, keep an eye on resistance zones at $1.20, $1.30, and $1.40, as well as support zones at $0.90, $0.80, and $0.70. On the 4-hour chart, Cardano is in a gentle uptrend and trading above the moving average lines. The next big move for ADA will likely depend on breaking above that $1.30 resistance level. Once it passes the 21-day SMA and breaches $1.30, we could see a shift towards a bullish trend.

Of course, it’s essential to remember that this analysis and forecast are just personal opinions. They’re not a call to action to buy or sell cryptocurrency. As always, it’s crucial for everyone to do their own research before making any investment decisions. Stay informed and stay safe out there!