Cardano Rises above $0.45 as Investors Recover

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price has remained above the $0.43 support but below the 21-day SMA resistance line. It has risen above $0.45 as investors recover. Since the April 13, 2024 price drop, bulls have held the slide above the $0.43 barrier. However, buyers have failed to maintain the price above the 21-day SMA resistance line.

The 21-day SMA has rejected all upward movements, indicating that the bears have overwhelmed the bulls. On May 14, the bears broke through the $0.43 support, while bulls bought the dips. The ADA price has surged as it hits the 21-day SMA resistance level. The altcoin is dropping as it fails to break through the 21-day SMA resistance line. If ADA/USD loses present support, it may fall back to its prior low of $0.40.

Technical Indicators:  
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15

 Cardano (ADA) Indicator Analysis
On May 15, the price rebound catapulted Cardano above the 4-hour chart’s moving averages. However, the $0.46 high has stifled the upward trend. The altcoin will continue to increase if it retraces and stays above the $0.43 support. The moving average lines are continuing to trend lower, and the 21-day SMA remains the barrier line.

What Is the Next Move for Cardano (ADA)?
Cardano is in a tight range but rises above $0.45 as investors recover. Today, the positive momentum has been halted by resistance at $0.46. The selling pressure is likely to expand to lower price ranges. If the current support is broken, the bears may extend their negative momentum to a low of $0.40. The crypto signal has become negative as Cardano resumes selling pressure.

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