The Price of Cardano (ADA) Struggles to Break Resistance
The price of Cardano (ADA) has been unable to surpass the $0.65 resistance level, despite multiple attempts by buyers. Currently, ADA/USD is trading at $0.58, having pulled back above the 21-day SMA. The cryptocurrency has been trading in a range between $0.52 and $0.65, with doji candlesticks limiting the price action. Bulls have managed to hold the support level at $0.52, keeping the altcoin range-bound. However, technical indicators suggest that the price may continue to rise as long as it stays above the moving average lines.
Long-Term Forecast for Cardano: Bullish
Cardano’s price hit a low of $0.54 on December 18 before bouncing back. The altcoin is currently consolidating above the support level of $0.56 and is expected to reach a high of $0.80.
Cardano Indicator Analysis
The price bars for Cardano are rising upwards and are above the moving average lines. The support line is the 21-day SMA, and the cryptocurrency is currently consolidating above the support level of $0.56.
Technical Indicators
Key resistance zones for Cardano include $0.50, $0.55, and $0.60, while key support zones are at $0.30, $0.25, and $0.20.
What’s Next for Cardano?
The ADA/USD pair is currently trading sideways between $0.52 and $0.65 after an upswing on December 9. As long as Cardano remains above the moving average lines, the cryptocurrency has the potential to continue rising and reach a high of $0.80.
Hot Take: Cardano’s Price Struggles to Break Resistance
The price of Cardano (ADA) has been unable to break above the $0.65 resistance level despite attempts by buyers. The altcoin is currently trading within a range, with bulls managing to hold the support level at $0.52. Technical indicators suggest that as long as Cardano remains above the moving average lines, the price may continue to rise. However, a breakout above $0.65 is needed for further bullish momentum. Traders should keep an eye on key resistance levels at $0.50, $0.55, and $0.60, while support levels are at $0.30, $0.25, and $0.20.
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