The latest price analysis of Cardano (ADA) reveals that the cryptocurrency has managed to stay above the lower price range after a recent decline. On October 12, ADA fell to a low of $0.242 but managed to recover above the support level of $0.24, preventing it from reaching a new low of $0.23. Currently, Cardano is trading at $0.247 and is above the moving average lines.
However, the price of Cardano reached a high of $0.26 before falling and is now trading below the moving average lines. The altcoin has been moving between $0.24 and $0.27 since August 17. It is currently above the support level but below the moving average lines.
Cardano indicator analysis
The price bars of Cardano are below the moving average lines, indicating a possible downward pressure. The altcoin is trading towards the bottom of the chart, suggesting strong buying pressure on the existing support level. The moving average lines are moving in opposite directions within the current price range.
Technical indicators
Key resistance zones for Cardano are at $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10.
What’s next for Cardano?
The ADA/USD pair has fallen below the moving average lines but managed to break through the support level of $0.243 on the 4-hour chart and consolidate above it. Although Cardano has recovered and is now trading above the moving average lines, the uptrend was halted due to a lack of sustained positive momentum from buyers.
In an analysis by cryptocurrency analytics specialists on October 11, 2023, they noted that the price of ADA is currently trading around $0.246 after a strong rejection at the high of $0.265.
Hot Take: Cardano Maintains Position Above Lower Price Range After Recent Decline
Cardano (ADA) has managed to stay above the lower price range following a recent decline. Despite reaching a low of $0.242, ADA recovered and is currently trading at $0.247, above the support level of $0.24. The altcoin’s price movement has been between $0.24 and $0.27, with current trading above the support level but below the moving average lines. Technical indicators suggest possible downward pressure, but the existing support shows strong buying pressure. Key resistance zones are at $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10.
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