Cardano’s Price Rebound Meets a Firm Rejection at $0.51

Cardano (ADA) Price Long-Term Forecast: Ranging
Cardano’s (ADA) price has retraced between the moving average lines as it meets a firm rejection at $0.51. For the past month, the altcoin has been trading between $0.43 and $0.50. The bulls made concerted efforts to restart a bullish trend but were thwarted by the 21-day SMA resistance level.

Nonetheless, on May 15 and 20, the bulls pierced the moving average lines, sending the altcoin to a high of $0.51. However, due to selling pressure, the altcoin was unable to rise in value. Today, the cryptocurrency is declining between the moving average lines.

If the bear breaches the 21-day SMA line, Cardano will return to its current support level of $0.43. The cryptocurrency asset is presently worth $0.46.

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’s price has dropped between the moving average lines. Prices tend to fluctuate between the moving average lines. On the 4-hour chart, the price bars fall below the moving average lines. Interestingly, the selling pressure has eased above the $0.46 support.

What Is the Next Move for Cardano (ADA)?
Cardano’s price rebound has been halted as it meets a firm rejection at $0.51. The altcoin has retraced above the $0.46 support level and the 21-day SMA. When the present support is breached, the altcoin will drop much further. Cardano will be forced to fluctuate if the current support level is maintained. The crypto signal is likely to be range-bound because the altcoin is trapped.

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