Cardano’s Slump May Continue As It Confronts Rejection At $0.54
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price is dropping below the moving average lines as it confronts rejection at $0.54. In previous price action, the cryptocurrency reached a high of $0.67 on December 13 but was repelled. The upward advances were limited at the resistance of $0.65 before its eventual collapse. Today, the altcoin has returned above the 50-day SMA but remains below the 21-day SMA.
The coin is trading at $0.52 at the time of writing. The bears are trying to resume selling pressure by breaching the 50-day SMA. If the 50-day SMA is breached, Cardano will fall even lower, to $0.38. In the meantime, the ADA price has been trapped between the moving average lines.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
There hasn’t been any movement in the price because the price bars are positioned in between the moving average lines. The cost of ADA will change as it moves between the moving average lines. The moving average lines on the 4-hour chart are sliding downward to represent the current trend.
What Is the Next Move for Cardano (ADA)?
The Cardano price range has been confined by the moving average lines as it confronts rejection at $0.54.Recently, bears have attempted to breach below the 50-day SMA support. The push to sell will begin if the bears are successful. In the event that trends don’t resume, the altcoin will trade above the 50-day SMA and below the 21-day SMA.
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