Cardano Corrects Upward but Challenges the Resistance at $0.32
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Cardano (ADA) Price Long-Term Forecast: Bearish
The price of Cardano (ADA) is falling, but it is correcting upward as it challenges the resistance at $0.32. The price of the cryptocurrency broke above the 21-day line SMA but fell below the 50-day line SMA. ADA is now stabilizing above the 21-day simple moving average (SMA). The price of ADA is trading between the moving average lines. If the positive momentum over the current support is maintained, Cardano will soar above the 50-day line SMA on the upside. The price of ADA will climb to $0.38. ADA will retrace and become range bound between the moving average lines if the bullish momentum is disrupted. At the time of writing, ADA/USD is trading at $0.32.
Cardano (ADA) Indicator Analysis
Cardano is at Relative Strength Index level 45 for Period 14. It is in a downward trend that could continue. ADA is range-bound as the price bars are placed between the moving average lines. ADA is above level 70 of the daily Stochastic. Buyers want the price to remain above the 21-day moving average.
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 will be forced to trade in a range as it challenges the resistance at $0.32. In other words, the price of ADA will range from $0.31 and $0.38. In addition, when the moving average lines are breached, the ADA will trend.
You can purchase crypto coins 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 result
