Cardano’s Range Bound Move Continues as It Battles the $0.40 High
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) is still pinned between the moving average lines as it battles the $0.40 high.. The crypto asset will begin to trend when the moving average lines are breached. However, since April 21 the altcoin has been pinned between the moving average lines. The price of ADA has increased today, reaching a high of $0.39. If the price of the cryptocurrency rises and crosses the 21-day SMA, Cardano will rise and go back toward its previous high of $0.46. On the other side, if the altcoin breaks below the 50-day SMA, selling pressure will pick up once more.
Technical Indicators
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.45, $0.40, $0.35
Cardano (ADA) Indicator Analysis
Cardano is at level 44 on the Relative Strength Index for period 14. Due to its confinement between the moving average lines, Cardano is in the bearish trend zone. Being stuck between the moving average lines will force the cryptocurrency to move in a range. After dropping below the oversold area of the market, Cardano is currently climbing once more. It is in a bullish momentum above level 25 of the daily stochastic.
What Is the Next Move for Cardano (ADA)?
Cardano has been drifting sideways between the moving average lines as it battles the $0.40 high. As the moves remain range-bound, neither the bulls nor the bears have been able to break through the moving average lines. The initial barrier at $0.40 hinders the upward movement.
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