Cardano Begins a Range-Bound Move as It Trades above $0.31

Cardano (ADA) Price Long-Term Forecast: Ranging

Cardano’s (ADA) price remains range-bound as it trades above $0.31. The slump ended on August 5, when it reached a low of $0.27. The bulls stopped dropping above the $0.31 support level and began a range-bound advance. The altcoin is trading sideways between $0.30 and $0.40. According to price indicators, the market has achieved bearish exhaustion. The ADA price is decreasing as it approaches the existing support of $0.30.

The range-bound move will continue to the upside if current support holds. The cryptocurrency asset will rise above the moving average lines, approaching the previous high of $0.40. If the bears breach the present level again, Cardano will return to the prior low of $0.27. Cardano is currently worth $0.31.

Technical Indicators:  

Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.50, $0.45, $0.40

Cardano (ADA) Indicator Analysis

The moving average lines have a strong downward slope. Following the recent decline, the price bars are below the moving average lines. Cardano is now trading in the oversold sector of the market. The bearish signal is weakening as the market approaches the oversold zone.

What Is the Next Move for Cardano (ADA)?

Cardano’s price is in the oversold zone of the market as it trades above $0.31. The altcoin trades between $0.30 and $0.40. The cost of ADA is decreasing to a lower range. The previous low of $0.27 will be reached if the bears manage to breach the existing support. The crypto signal is range-bound as the altcoin reaches bearish exhaustion.

You can purchase Lucky Block here. Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results