Cardano Maintains Its Bullish Ascent as It Stabilizes Above $0.30
Estimated Reading Time: 2 minutes
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: Ranging
Cardano’s (ADA) price maintains a sideways pattern as it stabilizes above $0.30. The decline ended when the altcoin dropped below $0.27 and then recovered. Cardano is now in a sideways trend, trading between $0.30 and $0.40. The sideways trend has been confined to a narrow range between the $0.30 and below the moving average lines.
The moving average lines and resistance at $0.36 are preventing upward movement.
Cardano’s price is projected to fall above $0.30 before reversing. Today, the altcoin is rising as buyers try to keep the price above the moving averages. The cryptocurrency asset will resume a bullish trend if buyers retain the price above the moving average lines and the bullish momentum continues.
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 price bars have fluctuated below and above the downward-sloping moving average lines. On the daily chart, the price bars form a series of lower highs and lows. The sideways trend has stabilized above the $0.30 support.
What Is the Next Move for Cardano (ADA)?
Cardano trades in a confined range as it stabilizes above $0.30. The altcoin is gaining as it approaches the resistance level at $0.36 for the second time. Cardano was repulsed in the first bullish advance, falling below the moving average lines. Cardano will continue to rise if the bulls take control. Rejecting the altcoin at its most recent peak will keep the crypto signal range-bound.
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.
