The price of Cardano (ADA) has started to move sideways after pausing above the $0.50 support.
ADA price long-term forecast: bearish
ADA is trading below the 21-day SMA barrier after the recent drop on April 7, and buyers have made two unsuccessful attempts to keep the price above it. Although the bulls failed to sustain the price above the 21-day SMA barrier, they were able to stop the decline above the $0.50 support.
Cardano price has been trading above the $0.50 support but below the 21-day SMA barrier for the past two weeks. If the 21-day SMA is broken, the uptrend will begin. The price of ADA will rise to the high of the 50-day SMA. The bullish momentum will continue until the price reaches the high of $0.80.
However, if Cardano declines from the 21-day SMA and falls below the $0.50 support, Cardano would drop further to the low of $0.40. The ADA price currently stands at $0.64.
ADA indicator analysis
The altcoin could fall and the selling pressure could continue as the bulls have failed to break the 21-day SMA. The price bars on the daily chart are below the moving average lines. On the 4-hour chart, ADA is trapped between the moving average lines, suggesting that it could be range-bound.
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?
Cardano’s price failed to rise above the moving average lines as the upward correction was halted at the 21-day SMA barrier.
ADA price is currently trading above the $0.50 support but below the 21-day SMA. The price action is trapped below the 21-day SMA barrier. Once the boundaries of the trading range are broken, Cardano will develop a trend.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
Leave a Reply