The price of Cardano (ADA) is in a sideways movement below the recent high of $0.80. Price analysis by Coinidol.com.
Long-term forecast for the Cardano price: bullish
The current uptrend is stuck at the resistance zone at $0.80. The cryptocurrency price has tested the recent high twice and been rejected. Each time, the altcoin fell above the moving average lines as the bulls bought the dips. Cardano is trading above the moving average lines but below resistance at $0.80.
If the buyers break above the $0.80 resistance, the market will rally to the $0.90 high. On the other hand, if the ADA price falls below the 21-day SMA, the altcoin will fall further to the low above the 50-day SMA or the low of $0.60. Currently, the altcoin is trading at $0.74 as this article is being written.
Analysis of the Cardano indicators
On the daily chart, the price bars are above the upward moving average lines. On the 4-hour chart, the price bars are both below and above the moving average lines. The cryptocurrency has returned to its sideways trend as buyers have failed to break above the $0.80 resistance.
Technical indicators
Key resistance zones: $0.50, $0.55, $0.60
Key support zones: $0.30, $0.25, $0.20
What is the next move for Cardano?
Cardano is trading sideways on the 4-hour chart, just below the resistance level of $0.80. The altcoin is currently trading between $0.70 and $0.78. The upward movement is hindered by resistance at $0.78 and $0.80. If the current resistance and support levels are broken, the altcoin will resume its trend.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
