Cardano Resumes Slide Above $0.24

Cardano’s (ADA) price is falling after being trapped between the moving average lines.

ADA Price Long-Term Forecast: Bearish

Since April 21, the cryptocurrency price has been trading between the moving average lines.

Today, the bears broke the 21-day SMA support, causing the altcoin to begin its decline. If buyers had pushed the price above the 50-day SMA barrier, the ADA price might have reached a high of $0.30. The ADA price is reverting to its critical support level of $0.24. Since March 24, buyers have been defending the current support level at $0.24, with bulls stepping in to buy dips.

In previous price action, the altcoin remained above the $0.235 and $0.24 support levels.

Technical Indicator

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  Key Resistance Zones: $1.20, $1.30, and $1.40

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  Key Support Zones: $0.90, $0.80, and $0.70   

Cardano Indicator Analysis

The ADA price is below the horizontal moving average lines. Price movement has been slow due to the presence of small-bodied indecisive candlesticks known as Doji. The price bars are consolidating above the critical support level of $0.24. On the 4-hour chart, the price bars move both below and above the horizontal moving average lines.

What Is the Next Move for Cardano?

Cardano is steadily declining but has stabilised above the $0.24 support. The price decrease has stalled above the $0.244 support level, with the cryptocurrency price fluctuating below the moving average lines.

In the meantime, Cardano will remain range-bound above the $0.24 support and below the moving average lines. The cryptocurrency will resume its upward trend if buyers sustain the price above the moving average lines.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.