Cardano Stops Above $0.24 As It Faces Fierce Opposition

The latest price analysis by Coinidol.com report, the price  of Cardano (ADA) has remained above the lower price range after the recent decline.

Cardano price long-term forecasts: bearish

On October 12, the cryptocurrency fell to a low of $0.242 before recovering. Cardano would have fallen even further if the support level of $0.24 had been breached. The altcoin would have reached a new low of $0.23. Nevertheless, the altcoin has recovered above the $0.24 support level and is now trading above the moving average lines.

The cryptocurrency’s price reached a high of $0.26 before falling. The cryptocurrency has fallen below the moving average lines today. At the time of writing, Cardano is trading at $0.247. After the price drop on August 17, ADA /USD has continued its movement between $0.24 and $0.27. It is currently trading above the current support level but below the moving average lines.

Cardano indicator analysis

The price bars are below the moving average lines, indicating a possible downward pressure. The altcoin is trading towards the bottom of the chart, showing long candlestick tails. This indicates that the existing support is under a lot of buying pressure. The moving average lines are moving in opposite directions according to the current price range.

Technical indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next move for Cardano?

The ADA /USD has fallen below the moving average lines. Cardano broke through the support level of $0.243 and consolidated further above it on the 4-hour chart. The altcoin has recovered and is now trading above the moving average lines. The uptrend was halted when buyers were unable to sustain the positive momentum.

On October 11, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the deterioration has continued outside the range where the price is. After a strong rejection at the high of $0.265, the ADA price is currently trading around $0.246. 

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-stops-above-0-24/