Cardano Slides Above $0.35 and Continues Its Narrow Range

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price dropped to a low of $0.35 on June 18 and continues its narrow range. The present support of $0.35 has held for the past week, with prices fluctuating between $0.35 and $0.40. Cardano was formerly priced between $0.42 and $0.49 for two months before its depreciation. In the present price range, the upward correction is resisted by resistance at $0.40.

Cardano will recover positive momentum if buyers break through resistance at $0.40 and the 50-day SMA. However, the price indication foresees a further decrease in the cryptocurrency. On the downside, ADA’s price would fall further if it loses its present support of $0.35. Cardano will fall further, reaching a low of $0.29.

Technical Indicators:  
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.50, $0.45, $0.40

What Is the Next Move for Cardano (ADA)?
The price bars on the 4-hour chart are above the moving average lines, indicating a recent dip and subsequent rebound. However, resistance near $0.40 has slowed the upward movement. The current price range’s resistance is at $0.40. The altcoin will trend when the current resistance level is broken.

 Cardano (ADA) Indicator Analysis
Cardano continues its narrow range between $0.37 and $0.40. The crypto’s price is retracing above its moving average lines. The altcoin will rise and challenge the present resistance level if the altcoin finds support above the moving average lines. The rising trend in cryptocurrency prices could halt if they fall below the moving average lines. Following the recent downturn, the cryptocurrency signal has become range-bound.

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