Cardano Is in a Range as It Holds Above $0.33
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) is trading in the bearish trend zone as it holds above $0.33. In the previous price action, Cardano rallied above the moving average lines but was halted at the $0.35 resistance. ADA is currently trading for $0.33 as of press time. Currently, the altcoin is trapped between the moving average lines. If price breaks below the 21-day line SMA, the market will decline to its previous low of $0.30. On the other hand, Cardano will trade in a range for a few days if the 21-day line support holds. The price of ADA is currently moving back and forth between the moving average lines.
Cardano (ADA) Indicator Analysis
On the Relative Strength Index for period 14, Cardano is at level 48. The coin may continue to decline further now that it has entered a bearish trend zone. The altcoin will be forced to move in a range because it is trapped between the moving average lines. Today’s price of the altcoin is below the daily Stochastic level of 25. The coin is moving in a bearish direction.
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 is currently falling and has reached the oversold region of the market as it holds above $0.33. The altcoin will soon regain bullish momentum.ADA will rise when buyers appear in the oversold region. The coin could be forced into a range-bound move, though, because it is pinned between the moving average lines.
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