Cardano Ascends as It Revisits the Resistance at $0.38
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) price is in an upward correction as it revisits the resistance at $0.38. As buyers drove the Cardano over the 21-day line SMA, bulls bought the dips. Cardano will ascend to the 50-day line SMA on the upside if the positive momentum is maintained above the 21-day line SMA. The $0.38 high will, however, resist the upward movement. If the resistance at $0.38 is broken, Cardano will rise to the positive zone. Nevertheless, if buyers are unable to sustain the price above the 50-day line SMA, the cryptocurrency will continue its range-bound movement. The price of ADA will range from $0.31 to $0.38.
Cardano (ADA) Indicator Analysis
The ADA’s Relative Strength Index level for period 14 is 45. Cardano is in a downtrend and could continue to fall. If the price bars are located between the moving average lines, ADA will be range-bound. Positive momentum is being observed for ADA over the daily Stochastic level of 70. Buyers are attempting to keep the price close over the 21-day line. SMA
Technical indicators:
Major supply zones: $1.0, $1..05, $1.10
Major demand zones: $0.45, $0.40, $0.35
What Is the Next Move for Cardano (ADA)?
Cardano holds above $0.31 support as it revisits the resistance at $0.38. The bulls just bought the dips as the bears recently broke below the existing support. If the altcoin loses the current support, it will fall much more, to $0.24. Currently, the move has been range-bound between $0.31 and $0.38.
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