The Price of Cardano (ADA) Stays Sideways
The price of Cardano (ADA) has been moving sideways since the end of the uptrend on December 13. The cryptocurrency reached a high of $0.67 before being pushed back and unable to break through the $0.70 resistance level. It is currently trading above the 21-day SMA but below the previous high of $0.65. The price movement has remained stable due to the presence of doji candlesticks.
Long-Term Forecast for Cardano
The long-term forecast for Cardano is bullish. The altcoin is currently trading between $0.57 and $0.66, with the barrier at $0.65 slowing down its upward movement. If the bears break above the 21-day SMA and negative momentum continues, Cardano may fall below the 50-day SMA or the low at $0.46.
Analysis of Cardano Indicators
Cardano has remained solid as bulls defend the 21-day SMA support. However, if the bears break below this support, the cryptocurrency may experience a fall in price. The moving average lines on the 4-hour chart indicate a sideways trend, with doji candlesticks dominating price action and limiting movement.
Technical Indicators
Key resistance zones for Cardano include $0.50, $0.55, and $0.60, while key support zones are at $0.30, $0.25, and $0.20.
What’s Next for Cardano?
Cardano is currently trading in a bullish trend zone with buyers keeping the price above the 21-day SMA. The price action is limited to a range of $0.58 to $0.65. To resume its uptrend, Cardano needs to break above the $0.65 and $0.70 resistance levels. However, if the bears break below the 21-day SMA, the current trend may be halted.
Hot Take: Cardano Reacts to Declines
On December 18, Cardano hit a low of $0.54 as bulls reacted to the declines. As of December 20, ADA/USD is trading at $0.58.
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