Cardano (ADA) Continues Sideways Trading Above $0.25
According to cryptocurrency analysts, Cardano (ADA) is still trading sideways above the $0.25 mark. The previous price range of $0.25 to $0.28 has narrowed, with sellers being more active at higher price levels. Currently, the price of ADA is below the $0.26 mark and is trading at $0.255.
If the bears continue to push the price down, it is likely that the current support level will be breached. This could cause Cardano to fall further to its previous low of $0.23. However, if the current support holds, the altcoin may continue to trend sideways or even rise above the existing support level.
Cardano Indicator Analysis
In the past 14 days, Cardano has a Relative Strength Index (RSI) level of 39, indicating a bearish trend. The altcoin’s price bar is below the moving average lines and faces rejection at the 21-day line SMA. Additionally, there is an erratic downtrend starting at the stochastic value of 40 at the daily level.
Technical Indicators
Key resistance zones for Cardano are $0.30, $0.35, and $0.40, while key support zones are $0.20, $0.15, and $0.10.
What’s Next for Cardano?
Cardano’s price has fallen to the current support level and is currently being retested. Buyers are defending the current support, as indicated by long candlestick tails showing significant buying at lower price levels. Last week, the downtrend eased after hitting a low of $0.23 on August 17, with bulls buying the dips to resume sideways movement.
Hot Take
Cardano’s current sideways trading above $0.25 indicates a lack of significant movement in either direction. However, the bears have the upper hand as sellers are more active at higher price levels. It remains to be seen whether the current support level will hold or be breached, which will determine the altcoin’s future direction.
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