Cardano’s Price Is Stable as It Remains above $0.61
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano’s (ADA) price has been moving sideways as it remains above $0.61. The $0.70 resistance zone has stifled further upward movement. The cryptocurrency is now trading in a positive trend zone. It is above the 21-day SMA but below the $0.70 barrier level. The price of ADA is $0.63 at the time of writing. The coin is rising, preparing to revisit the resistance levels of $0.67 and $0.70.
The market will reach a high of $0.83 if the resistance levels are breached. The cryptocurrency’s current upward movement is halted at the high of $0.65. Cardano will tumble if the bears break below the 21-day simple moving average. The bearish momentum will extend above the 50-day simple moving average (SMA) or $0.45 low.
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 price bars are above the moving average lines as the bullish momentum slows at $0.67. The price bars on the 4-hour chart are below and above the horizontal moving average lines. The sideways trend is in jeopardy as bears attempt to breach the 21-day SMA.
What Is the Next Move for Cardano (ADA)?
On the 4-hour chart, Cardano is in a sideways trend as it remains above $0.61. The market is fluctuating between $0.57 and $0.65 price levels. Presently, the price movement has been stagnant because of the presence of Doji candlesticks. The coin is in the middle of the price range.
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