Cardano Advances as It Stalls Below the $0.2850 High
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) has recovered positive momentum as it stalls below the $0.2850 high. Since August 17, ADA/USD has been range-bound between $0.24 and $0.27. At the time of writing, ADA is trading at $0.28. The altcoin is trading in the overbought region as it nears a high of $0.30. The upward trend is currently being rejected at the $0.30 resistance level.
If the resistance at $0.30 is broken, Cardano will surge to a high of $0.36. The altcoin will enter the range-bound region if it faces rejection at the $0.30 high. ADA/USD is now trading below its high of $0.2850.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
Cardano’s price has broken above the moving average lines, resuming its upward trend. The price bars are now above the moving average lines, causing the cryptocurrency to rise. The price rebound that is now taking place has given Cardano a bullish crossing. The 21-day SMA has surpassed the 50-day SMA, indicating that the coin’s price may rise further.
What Is the Next Move for Cardano (ADA)?
Cardano breaks out of its range as it stalls below the $0.2850 high. Cardano has been trading between $0.24 and $0.27 in the prior price action since August 17. The recent advance has come to a halt just below the high of $0.2650. The ADA price is currently fluctuating between $0.27 and $0.2850.
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