Cardano (ADA) In a Choppy Price Action as Bulls and Bears Show Indifference
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Cardano (ADA) Long-Term Analysis: Ranging
Cardano (ADA) price is trading in the bearish trend zone and has resumed a range-bound move. The cryptocurrency fluctuates between $1.90 and $2.60. The price movement is insignificant as the price action is characterized by small body indecisive candlesticks called Doji and Spinning tops. The cryptocurrency is trading in a choppy price action as the direction of the market is unclear.
Cardano (ADA) Indicator Analysis
Cardano is at level 46 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and capable of a further downward move. The 21-day SMA and the 50-day SMA are sloping horizontally. Cardano is below the 40% range of daily stochastic. However, the stochastic bands are sloping horizontally as per the sideways trend. The crypto’s price bars are below the moving averages which makes it prone to fall.
Technical indicators:
Major supply zones: $2.0, $2.20, $2.40
Major demand zones: $1.40, $1.20, $1.00
What Is the Next Direction for Cardano (ADA)?
According to the Daily and 4- hour charts, the cryptocurrency is in a range-bound move. The altcoin is not trending, rather in a choppy price action. If the bulls break above the moving averages, the market is likely to rise on the upside. The crypto is likely to resume an upward movement to retest the $2.60 and $3.0 resistance levels. Presently, it is fluctuating between $2.10 and $2.30 price levels.
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