Cardano Price Analysis: ADA Retraces to $0.80 Support, Resumes Upside Momentum

Cardano Price Analysis: ADA Retraces to $0.80 Support, Resumes Upside Momentum

Key Highlights
ADA reaches a high of $0.982 in an uptrend
The cryptocurrency has a target price of $1.1755

Cardano(ADA) Current Statistics
The current price: $0.8828
Market Capitalization: $39,831,107,862
Trading Volume: $7,612,960,474
Major supply zones: $0.06, $0.07, $0.08
Major demand zones: $0.03, $0.02, $0.01


Cardano (ADA) Price Analysis February 16, 2021
The cryptocurrency is trying to make a fresh uptrend after slumping to the low of $0.70 yesterday. On February 11, ADA rallied to a high of $0.982 but could not push on the upside. The coin repelled as it fell to the low of $0.70. According to the RSI, the coin reached the overbought region of the market. The market has commenced resumption of the uptrend. O the upside, if the bulls push ADA over the $0.982 resistance, the coin will rally above $1.00. ADA will begin afresh uptrend.

ADA/USD – Daily Chart

ADA Technical Indicators Reading
The crypto’s price is above the SMAs indicating the upward movement of the coin. The SMAs are sloping northward indicating the uptrend. The crypto is above the 80% range of the daily stochastic. It indicates that the coin is in the overbought region of the market.

ADA/USD – Daily Chart

Conclusion
Cardano’s price has been in a smooth uptrend since January 28. On February 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will rise to level 1.272 Fibonacci extension or $1.17555 high. There are indications that the market will reverse from level 1.272 Fibonacci extension to 78.6% retracement level.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.