Cardano Price May Increase to Test November High at $2.30

Annual Forecast for Cardano (2022)

Should the sellers defend the resistance level of $1.52, Cardano price may reverse and face the support levels of $1.30, $1.11 and $0.98. The relative Strength Index period 14 is above 40 levels with the signal line pointing upside which indicates buy signal.

ADA/USD Market

Key Levels:

Resistance levels: $1.52, $1.87, $2.30

Support levels: $1.30, $1.11, $0.98

ADA/USD Long-term Trend: Bearish

Cardano is bearish on weekly chart. Cardano made a tremendous progress at the beginning of last year. The buyers were in charge of the market, pushing the price upside to $2.30 resistance level. It pulled back in the month of May to retest the support level of $0.98. The bulls gained more pressure in August and pushed the price to the high of $3.0. The bullish momentum failed and the bears took over the market with the formation of evening start chart pattern. The price declined to retest the previous low at $0.98. It is currently gaining strength to soar towards north.

It is currently trading above the 9 periods EMA but below 21 periods EMA to continue a bullish trend.  In case the support level of $1.30 holds, the resistance levels of $1.52, $1.87 and $2.20 levels may be tested. Should the sellers defend the resistance level of $1.52, Cardano price may reverse and face the support levels of $1.30, $1.11 and $0.98. The relative Strength Index period 14 is above 40 levels with the signal line pointing upside which indicates buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on daily chart. Last year, the crypto reached the high of $3.0 before it started declining. The low of cardano last year was $0.40. The price action has formed a double bottom chart pattern at $1.11 level. It means the crypto may increase in price towards the previous high at $2.30 level should bulls exert more pressure.

The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 60 levels and the signal line pointing down to indicate sell signal which may be a pullback

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