The price of Cardano (ADA) is in an upward correction and is approaching the 21-day SMA or the $0.48 level.
Long-term outlook for Cardano price: bearish
In the last market activity, the altcoin moved between $0.43 and the 21-day SMA or resistance at $0.52. Cardano is now trading in a limited range of $0.43 to $0.48. At the time of writing, the ADA/USD rate is at $0.47.
If buyers keep the price above the 21-day SMA, the ADA price will regain positive momentum. The altcoin will rise to the high of the 50-day SMA, which is at $0.55. Cardano will fall if buyers fail to break the barrier at the 21-day SMA. ADA price will fall and return to its current support level of $0.43. However, if the bears break the current support, the altcoin will fall to a low of $0.40.
Cardano indicator analysis
The moving average lines are trending south, but the price bars remain below them. The 21-day SMA serves as a resistance line for the price bars. After the price recovery, the price bars on the 4-hour chart have risen above the moving average lines. The uptrend was halted by the resistance at $0.48.
Technical indicators
Key resistance zones: $0.80, $0.85, $0.90
Key support zones: $0.50, $0.45, $0.40
What is the next move for Cardano?
Cardano is aiming for an upward correction while remaining in a narrow range. On May 1, bulls bought the dips at the low of $0.41 but were unable to sustain their bullish momentum above the 21-day SMA or the high of $0.48. The altcoin is in a tight range as the cryptocurrency could see a price rally or a price collapse. Moreover, the formation of doji candlesticks has caused the price action to be immovable.
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.
