Cardano Hovers above $0.58 as It Aims to Resume Its Ascent

Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano’s (ADA) price has retraced above the moving average lines as it aims to resume its ascent. Bears have pushed the cryptocurrency’s price above the 21-day SMA since February 23, 2024. The 21-day SMA will define the altcoin’s market direction. Cardano’s bullish ascension will resume if it remains above the 21-day SMA. Buyers will attempt to break through the resistance levels of $0.64 and $0.68.

Conversely, if the 21-day SMA is broken, the altcoin will fall above the 50-day SMA, which is equal to $0.53. The crypto will fall further, reaching a low of $0.46. Meanwhile, the ADA price is hovering above the 21-day simple moving average.

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 cryptocurrency’s price bars have retraced above their moving average lines. It’s unknown whether the cryptocurrency price will go below the 21-day SMA or not. Cardano will appreciate it if the 21-day SMA support continues. On the 4-hour chart, the price bars are positioned between the moving average lines.

What Is the Next Move for Cardano (ADA)?
Cardano has ended its retracement above the moving average lines as it aims to resume its ascent. The cryptocurrency asset is waiting for its next move, as it remains above the moving average lines. The cryptocurrency signal will be positive if the price remains above the moving average lines. On the other hand, the crypto signal would be negative if the 21-day SMA support was broken.

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