Cardanos Price Rebounds and Sustains Above Crucial Support Level of $0.25

Cardanos Price Rebounds and Sustains Above Crucial Support Level of $0.25

Cardano (ADA) Continues Sideways Trading Over $0.25

According to digital currency analysts, Cardano (ADA) is still trading sideways over 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. As of now, the price of ADA is below the $0.26 mark and is currently worth $0.255.

If the bears continue to push the price down, it is likely that the present level of support will be breached. This could cause Cardano (ADA) to fall further to its previous low of $0.23. Nonetheless, if the present support holds, the altcoin may continue to trend sideways or even rise over the existing support level.

Cardano (ADA) Indicator Analysis

In the past 14 days, Cardano (ADA) 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. In addition, there is an erratic downtrend starting at the stochastic value of 40 at the daily level.

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Technical Indicators

Key resistance zones for Cardano (ADA) 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 dropped to the present level of support and is as of now being retested. Buyers are defending the present support, as indicated by long candlestick tails showing whole lot of buying at lower price levels. Past week, the downtrend eased after hitting a low of $0.23 on August 17, with bulls buying the dips to resume sideways movement.

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Hot Take

Cardano’s current sideways trading over $0.25 indicates a lack of whole lot of movement in either direction. Nonetheless, the bears have the upper hand as sellers are more active at higher price levels. It remains to be seen whether the present level of support will hold or be breached, which will determine the altcoin’s future direction.

Author – Contributor at | Website

Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.

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