Cardano (ADA) Price Analysis: Sideways Movement Below $0.80 Resistance
The price of Cardano (ADA) is currently experiencing a sideways movement below the recent high of $0.80. The cryptocurrency has tested this resistance level twice but has been rejected each time. Despite this, the altcoin remains above the moving average lines, indicating bullish sentiment in the market.
Long-term Forecast for the Cardano Price: Bullish
The current uptrend for Cardano is stuck at the resistance zone of $0.80. The altcoin has tested this level twice and has been unable to break above it. However, each time the price fell, it remained above the moving average lines as buyers bought the dips. Currently, Cardano is trading above the moving average lines but below the $0.80 resistance level.
If buyers manage to break above the $0.80 resistance, the market is likely to rally towards the $0.90 high. On the other hand, if the ADA price falls below the 21-day simple moving average (SMA), it may further decline towards either the low above the 50-day SMA or the $0.60 low. At present, Cardano is trading at around $0.74.
Analysis of Cardano Indicators
On the daily chart, the price bars for Cardano are above the upward moving average lines, indicating bullish momentum in the market. However, on the 4-hour chart, some price bars are both below and above these moving average lines, suggesting a sideways trend for now.
Technical Indicators:
- Key Resistance Zones: $0.50, $0.55, $0.60
- Key Support Zones: $0.30, $0.25, $0.20
Whatโs Next for Cardano?
Currently, Cardano is trading sideways on the 4-hour chart just below the resistance level of $0.80. The altcoinโs price is ranging between $0.70 and $0.78, with resistance at $0.78 and $0.80 hindering any significant upward movement.
If Cardano manages to break above the current resistance level and establish new support levels, it is likely to resume its upward trend. However, if the altcoin fails to break above this resistance, it may continue to trade within its current range.
Hot Take: The Future of Cardanoโs Price
Cardanoโs price is currently experiencing a sideways movement below the key resistance level of $0.80. While the altcoin has tested this level multiple times without success, it remains in a bullish position above the moving average lines.
The next move for Cardano largely depends on whether buyers can break above the $0.80 resistance level or if the altcoin falls below the 21-day SMA. If the former occurs, we can expect a rally towards the $0.90 high; however, if the latter happens, Cardano may decline further towards either the low above the 50-day SMA or the $0.60 low.
Overall, itโs important to closely monitor Cardanoโs price movements in order to identify any potential breakout or reversal patterns that could indicate a change in trend.
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