Cardano Returns to Its Range as It Faces Rejection at $0.26
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) price rose above the $0.24 support level on October 12 but faces rejection at $0.26. The cryptocurrency has risen above its previous low, reaching a high of $0.26 at the time of writing. This will be the fourth time the ADA price has risen over the $0.23 or $0.24 support level.
Similarly, the upward movement has been resisted at the $0.27 resistance the same number of times. In other words, the price of ADA/USD has been range-bound between $0.24 and $0.27. Cardano has risen above the moving average lines today, but was rejected at the $0.26 high. The coin has returned to the middle of its price range in preparation for another sideways move.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
During a higher period, the cryptocurrency’s price surged above the moving average lines but fell dramatically below them. On the lower time frame, the price retraced above the moving average lines. There is a chance that the cryptocurrency may continue to rise.
What Is the Next Move for Cardano (ADA)?
Cardano has resumed its upward move but faces rejection at $0.26. On the 4-hour chart, the altcoin soared to a high of $0.26 before pulling down above the 50-day simple moving average. Cardano is attempting to retest the barrier level of $0.27. Since August 17, the resistance at $0.27 has not been broken.
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