Cardano’s Trend Stalls at $0.64 as Bullish Exhaustion Sets In
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Cardano (ADA) Price Long-Term Forecast: Bullish
The price of Cardano (ADA) has maintained its upward trend as it stalls at $0.64 due to overbought conditions. Cardano soared to a high of $0.64 on December 9 during the last rally. The overbought state of the cryptocurrency has caused the positive momentum to stall close to the current high.
The altcoin recently plummeted to a low of $0.51 as bulls bought dips. However, if the bearish trend continues past $0.51, the market will fall to a low of $0.48. On the plus side, if buyers break through the resistance level of $0.64, the altcoin will reach a new high of $0.75 or $0.85. Meanwhile, the altcoin is now trading at $0.56 at the time of writing.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
The breach was below the 21-day SMA on the 4-hour chart, but the bulls purchased the dips. The cryptocurrency’s price has returned above the 21-day SMA, resuming the upward trend. If the price fails to break above the 21-day SMA, selling pressure will resume. Cardano is also in overbought territory.
What Is the Next Move for Cardano (ADA)?
The altcoin is currently trading in a range as it stalls at $0.64 due to overbought conditions. The price of ADA ranges from $0.51 and $0.65. It is currently trading at $0.56 and may fall further decline. Cardano, on the other hand, is facing more rejection near the $0.60 high.
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