The price of Cardano (ADA) is trading above its moving average lines. Cardano price analysis by .
Since February 20, the altcoin has failed to surpass its last price of $0.64. Buyers tried to push the altcoin above its recent high but were rebuffed at $0.65. Following the latest rejection, the cryptocurrency has retraced above the 21-day SMA. If the 21-day SMA support holds, Cardano will continue to trade sideways above the moving average lines.
The current sideways movement indicates an uptrend. However, if the altcoin falls below the moving average lines, selling pressure will increase again. The altcoin will fall further to its previous low of $0.45.
Technical indicators
Important resistance zones: $0.50, $0.55, $0.60
Important support zones: $0.30, $0.25, $0.20
Cardano indicator analysis
Altcoin prices have pulled back above the moving average lines. The price of ADA will continue to rise as long as it stays above the moving average lines. On February 28, the candle has a long wick and a long tail. The extended wick of the candle signals strong selling pressure at the higher price point.
What is the next move for Cardano?
The 4-hour chart of Cardano shows a sideways movement after the price drop on February 20. Today, the altcoin is back at a high of $0.65 after its rejection. The cryptocurrency is holding above the 21-day SMA. Selling pressure will return if the price falls below the moving average lines.
Long-term forecast for the Cardano price: bullish
Cardano (ADA) has been unable to surpass its previous high of $0.64 since February 20. Buyers attempted to push the altcoin above this level, but were met with resistance at $0.65. Despite this rejection, Cardano has managed to retrace above the 21-day Simple Moving Average (SMA). If the support provided by the 21-day SMA holds, Cardano is expected to continue trading sideways above its moving average lines.
The current sideways movement suggests an upward trend in the price of Cardano. However, if the altcoin falls below its moving average lines, selling pressure is likely to increase once again, causing the price to drop further towards its previous low of $0.45.
Technical indicators
- Important resistance zones: $0.50, $0.55, $0.60
- Important support zones: $0.30, $0.25, $0.20
Cardano indicator analysis
An analysis of the indicators for Cardano reveals the following:
- The altcoin’s price has retraced above its moving average lines.
- If Cardano remains above these lines, its price is expected to continue rising.
- The candle on February 28 displayed a long wick and a long tail, indicating strong selling pressure at higher prices.
What is the next move for Cardano?
A closer look at the 4-hour chart of Cardano reveals a sideways movement following the price drop on February 20. Despite being rejected at $0.65, Cardano has managed to reach this high once again. Currently, the cryptocurrency is trading above the 21-day SMA, which indicates that selling pressure will only return if the price falls below the moving average lines.
Hot Take: Cardano’s Price Movement
The price of Cardano (ADA) has been trading above its moving average lines, indicating a bullish long-term forecast. However, the altcoin has been unable to surpass its previous high of $0.64 and faces resistance at $0.65. If Cardano falls below its moving average lines, selling pressure is likely to increase and push the price down towards its previous low of $0.45.
Despite these challenges, Cardano’s current sideways movement suggests an uptrend. The altcoin’s price will continue to rise as long as it remains above its moving average lines. Traders should closely monitor the support and resistance zones at $0.50, $0.55, $0.60, $0.30, $0.25, and $0.20 for potential buying or selling opportunities.
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