The price of Cardano (ADA) recovers from its fall below the moving averages.
Long-term prognosis for the Cardano price: bearish
Apart from the current downtrend, the altcoin is in an uptrend that has moved away from its previous downtrend. The uptrend has stalled at the high of $0.80. The altcoin fell after two rejections at the $0.80 high. The bulls bought the declines from a low of $0.58.
Today, the altcoin rose to a high of $0.65 but remained between the moving average lines. Cardano is currently trading between the moving average lines. If the price rises above the 21-day SMA, the cryptocurrency will return to its previous high of $0.80. The positive momentum will continue to the high of $0.92. However, if the bullish scenario fails, Cardano will be forced to trade in a limited range between the moving average lines.
Analysis of the Cardano indicators
The price of the cryptocurrency has risen above the 50-day SMA. The ADA price will fluctuate when trading between the moving average lines. Prices can break out and fall as they trade in a limited range. Price action has been delayed by the presence of doji candlesticks.
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?
The price of Cardano has continued to rise, but the uptrend has ended. The current price of the cryptocurrency is between $0.58 and $0.80. The uptrend will resume when the price breaks through the resistance at $0.80.
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.
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- Source: https://coinidol.com/cardano-loses-as-reaches/
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