The price of Cardano (ADA) has fallen to its current range following a rejection at a high of $0.51.
Long-term forecast for the Cardano price: ranging
On April 23, the altcoin had a similar rejection at its high of $0.52. Over the past month, Cardano price has ranged between $0.42 and below the moving average lines. The 21-day SMA has dampened the uptrend. The ADA price is now trading in a limited range.
On May 15, the cryptocurrency rebounded and surpassed the 21-day and 50-day SMA. The altcoin’s upward movement was short-lived as it was rejected at the high of $0.51. Cardano has fallen into a range-bound zone and is in between the moving average lines. Over the next few days, the cryptocurrency will remain in its current range. It is currently worth $0.46.
Cardano indicator analysis
After the current drop, the price of ADA is above the 21-day SMA but below the 50-day SMA. The cryptocurrency will fluctuate as long as it stays within the moving average lines. The doji candlesticks ensure that the price movement remains stationary.
Technical indicators
Important resistance zones: $0.80, $0.85 and $0.90
Important support zones: $0.50, $0.45 and $0.40
What is the next move for Cardano?
Cardano is currently trading in a tight range between the support of $0.42 and the 21-day SMA, or resistance at $0.46. The bears have pushed the cryptocurrency into a limited range. The altcoin will see a price decline or rebound. On the 4-hour chart, the altcoin is stabilizing above the $0.46 support, indicating that the bearish selling pressure has been exhausted.
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.
