Cardano (ADA) Looks Tempting to Buy Too
Cardano has retreated lower this week, but the lows have been getting higher
Cardano was one of the last cryptocurrencies to join the crypto madness that has been going on since Q4 of last year. The climb started in January for ADA/USD, increasing from around $0.16 to $0.40, but the real surge came in February, which was the best month ever for most cryptocurrencies.
Cardano surged to 1,50, where it formed a top as explained on the 2021 ADA forecast, which held during march as well. We have seen some decent pullbacks lower, but the 20 SMA (gray) and particularly the 50 SMA (yellow) held quite well as support, pushing ADA/USD higher.
Last week Cardano pierced the resistance at $1.50, but there was no close above that level and the price retreated back down. So that wasn’t a proper break and the reversal which followed confirmed it. Although the 50 SMA is doing a good job at the bottom, helped by the ascending trend line, connecting the lows.
Now the price is above the 50 SMA on the H4 chart which shows that this cryptocurrency is not falling anywhere soon. This looks like a good opportunity to go long on Cardano, but we will wait for another attempt at the bottom, which comes at around $1.10. If we get a bullish reversing signal down there, then we will probably buy Cardano, so follow our crypto and forex signals page.
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