The Latest Price Analysis of Cardano (ADA)
Cardano (ADA) is currently trading sideways above the support level of $0.25. The downtrend has eased after reaching a low of $0.23 on August 17, with bulls buying the dips. However, Cardano’s upward movement has been halted by resistance at $0.27 and the moving average lines over the past two weeks. If these barriers are broken, Cardano will resume its uptrend and regain its previous high of $0.36. On the other hand, if buyers fail to break the current high, the market will remain range-bound.
Cardano Indicator Analysis
For the past 14 days, Cardano’s relative strength index has been at 37, indicating a downtrend but a range-bound market. The altcoin’s price bars are being rejected at the 21-day simple moving average and are below the moving average lines. This suggests a further decline to the previous low. Additionally, the cryptocurrency has fallen below the daily stochastic level of 20, indicating an oversold condition and a decrease in selling pressure.
Technical Indicators
- Key resistance zones: $0.30, $0.35, $0.40
- Key support zones: $0.20, $0.15, $0.10
What’s Next for Cardano?
Cardano has been trading within a range of $0.25 to $0.27 for the past two weeks. Despite its volatility, the crypto has remained stable within this range. If the range is broken, Cardano will develop a trend. Currently, it is holding above the $0.25 support level.
Hot Take: Cardano’s price analysis suggests that it is currently in a range-bound market. Breaking the resistance and moving average lines will likely result in an uptrend, while failing to break the current high will keep the market range-bound. Keep an eye on Cardano’s next move as it could potentially develop a trend in the near future.
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