Cardanoย (ADA) Continues Sideways Trading Over $0.25
According to digitalย currency analysts, Cardanoย (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. Asย ofย now, the price of ADA is below the $0.26 mark and is currentlyย worth $0.255.
If the bears continue to push the price down, it is likely that theย present levelย ofย support will be breached. This could cause Cardanoย (ADA) to fall further to its previous low of $0.23. Nonetheless, if theย present support holds, the altcoin may continue to trend sideways or even rise over the existing support level.
Cardanoย (ADA) Indicator Analysis
In the past 14 days, Cardanoย (ADA) has a Relative Strength Index (RSI) level of 39, indicating a bearish trend. The altcoinโs price bar is below the moving average lines and faces rejection at the 21-day line SMA. Inย addition, thereย is an erratic downtrend starting at the stochastic value of 40 at the daily level.
Technical Indicators
Key resistance zones for Cardanoย (ADA) are $0.30, $0.35, and $0.40, while key support zones are $0.20, $0.15, and $0.10.
Whatโs Next for Cardano?
Cardanoโs price hasย dropped to theย present levelย ofย support and is asย ofย now being retested. Buyers are defending theย present support, as indicated by long candlestick tails showing wholeย lotย of buying at lower price levels. Pastย 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
Cardanoโs current sideways trading over $0.25 indicates a lack of wholeย lotย 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 theย present levelย ofย support will hold or be breached, which will determine the altcoinโs future direction.
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