The latest price analysis by Coinidol.com report, the price of Cardano (ADA) has been moving sideways since the price drop on December 20, 2024.
Long-term forecast for the Cardano price: in the range
The altcoin has fallen below the moving average lines and is fluctuating above the $0.80 support and below the $1.20 resistance. ADA price fell to the low of $0.85 and made an upward correction. The bulls are buying near the support level of $0.80 while the price reaches the high of $0.96. If the bears maintain their bearish momentum below the $0.90 support, the ADA price will fall and return to its low of $0.76.Â
Today, buyers are trying to push the price above the moving average lines. A break above the moving average lines will signal that the altcoin will return to its previous high of $1.20. The price of ADA has risen to a high of $0.968 at the time of writing.
Analysis of the Cardano indicatorÂ
In response to the sideways trend, the moving average lines are sloping horizontally. The price of Cardano corrects upwards in the direction of the moving average lines after falling below them. The altcoin’s uptrend will accelerate if it breaks above the moving average lines. Otherwise, it will fall.
Technical indicatorsÂ
Key resistance zones: $1.20, $1.30, and $1.40Â
Key support zones: $0.90, $0.80, and $0.70Â
What is the next step for Cardano?
Cardano is in an upward correction after falling to a low of $0.85. On the 4-hour chart, the price of the cryptocurrency has crossed above the moving average lines. This suggests that the cryptocurrency could reach a high of $1.20. However, it is likely that the altcoin will hit a roadblock at $1.00. If Cardano hits the current high barrier, it will fall back into the bearish trend zone.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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.Â
