Cardano Is Fluctuating Sideways As It Reaches The $0.83 Barrier

The price of Cardano (ADA) has risen above the $0.65 support and is now drifting below the moving average lines in a range-bound area.

Cardano price long term forecast: bearish

Last week’s selling pressure ended above the $0.50 support. ADA price recovered above $0.65 and is moving sideways below the moving average lines. Cardano will fall back to the previous low of $0.50 if the bears break the $0.65 support. The ADA price has risen as buyers try to keep the price above the moving average lines. 

On the upside, Cardano will reach $1.16 if buyers are successful. It will stay in this range if it falls from the recent top.

Cardano indicator analysis

Cardano has stopped its decline below the moving average lines, but the price bars are still bouncing below them. The price bars on the 4-hour chart are above the moving average lines. The uptrend will continue if the altcoin stays above the moving average lines.

Technical Indicators  

Key Resistance Zones: $1.20, $1.30, and $1.40 

Key Support Zones: $0.90, $0.80, and $0.70 

What is the next move for Cardano?

On the 4-hour chart, Cardano is in a sideways movement above the support of $0.65 and below the high of $0.85. The doji candlesticks are formed at $0.85 above the moving average lines but below the resistance. 

According to the price analysis by Coinidol.com, the altcoin will rise if it recovers above the moving average lines. The signal for the cryptocurrency will be positive if the buyers keep the price above the moving average lines of the daily chart.

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.