Cardano (ADA) prices rallied on March 2 after breaking above the moving average lines.

Long-term forecast for Cardano price: bullish

After rising to a high of $1.17, the upward momentum was halted. The cryptocurrency was in a bearish trend zone before recovering. The altcoin has been trading above the $0.60 support but below the moving average lines since the price drop on February 3. 

Cardano rose to a high of $1.17 on March 2 as the bulls overcame the bears. The resistance level of $1.20 has hindered the rising moves. 

Since December 2, 2024, buyers have not managed to keep the price above the $1.20 mark, as reported by Coinidol.com. The altcoin is losing ground after being rejected at its recent high. Cardano will have to move below the recent high if the altcoin retraces and stays above the 50-day SMA. The uptrend will return if buyers break above the resistance at $1.20.

Analysis of the Cardano indicators

After the price breakout on March 2, the price bars are above the moving average lines. ADA has levelled off at its recent high after the initial rise. The upward push will begin if the retracement remains above the moving average lines, although these lines remain horizontal after the recent uptrend.

Technical Indicators 

Key Resistance Zones: $1.20, $1.30, and $1.40 

Key Support Zones: $0.90, $0.80, and $0.70 

What is the next move for Cardano?

The price of Cardano is once again trending sideways after failing to break above the barrier at $1.20. The retracement has stopped and is currently trading above the $0.95 support level.

If the current support holds, Cardano will continue its sideways movement. 

However, if the price falls below the moving average lines, Cardano will re-enter the downtrend zone. Cardano will fall to its previous low above $0.60.

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.