Cardano Remains Range-Bound as Bulls Defend the $0.23 Low

Cardano (ADA) Price Long-Term Forecast: Bearish
The Cardano (ADA) price has been range-bound since the price decline on August 17 as bulls defend the $0.23 low. On September 11, the crypto fell and returned to its prior low of $0.23, which it had held since August 17. However, the price upward upward moves have been halted by the resistance at $0.25. In addition, the altcoin trades between $0.23 and $0.255.

Today’s ADA price is somewhat higher than the $0.250 low. The Doji candlesticks have limited the price movement of the cryptocurrency. Meanwhile, Cardano has entered the range-bound zone. Doji candlesticks dominate the price bars.

Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15

Cardano (ADA) Indicator Analysis
Cardano has been stuck in a range at level 45 of the Relative Strength Index period 14 over the past month. In the bearish trend zone, the ADA price is vulnerable to an additional decrease. The altcoin is in a negative trend below the daily Stochastic threshold of 20. It indicates that the market has reached an oversold condition.

The selling pressure is expected to ease as the altcoin reaches the oversold region.

What Is the Next Move for Cardano (ADA)?
Cardano approaches the previous price level as bulls defend the $0.23 low. On the 4-hour chart, the crypto’s price has broken below the moving average lines, resulting in the cryptocurrency’s further decline. On the downside, if the current support level of $0.23 is breached, the altcoin would likely fall to a low of $0.20.

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