As long as Cardano is trading inside this bullish structure, it is expected to break out and eventually be successful in finally moving above this resistance zone.
Long-Term Cardano Levels
The ADA price has been increasing since March.
It moved above the $0.095 resistance area in June, reaching a high of $0.171 before dropping in order to validate the $0.095 area as support (shown with the green arrows below).
ADA began another upward move after and is currently trading just below the $0.017 area once again (red arrows). A breakout above this level would provide a relatively resistance-free path to $0.41, with the only resistances being the 0.5 and 0.618 Fib retracement levels at $0.21 and $0.26 respectively.
However, technical indicators provide a mixed outlook. The RSI has generated a bearish divergence and is falling below the overbought territory. Similarly, the Stochastic oscillator has made a bearish cross. On the other hand, the MACD is moving upwards and is above 0 — a bullish sign.
Therefore, a closer look at lower time-frames is required in order to determine what direction ADA will likely be heading next.
