Cardano’s Rebound Stalls at $0.68 as It Resumes a Horizontal Trend
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price is still struggling to rebound from its drop as it resumes a horizontal trend. The cryptocurrency asset already fell twice, from a high of $0.80 to a low of $0.55 and $0.58. Bulls bought the dips, but the rebound has stalled between the moving average lines. The altcoin is trading above the 50-day SMA but below the 21-day SMA.
Currently, the price movement will be determined by the breaking of moving average lines. Cardano is trading at $0.65 at the time of writing. On the upside, Cardano will resume a bullish trend if it breaks above the 21-day SMA or the $0.70 resistance level. The market will rise to its prior high of 0.80.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
Cardano is recovering, but its price bars remain caught between the moving average lines. This will affect the cryptocurrency’s price movement. The ADA price will be forced to oscillate between the moving average lines for a few days. On the 4-hour chart, the price bars are above the horizontal moving average lines. The 21-day SMA interrupted the increasing trend.
What Is the Next Move for Cardano (ADA)?
Cardano’s slide has slowed above the $0.57 support level on March 19, 2024, as it resumes a horizontal trend. The ADA price corrected higher but was rebuffed at the $0.68 high. The sideways trend has begun between the $0.57 and $0.68 price levels. The occurrence of tiny-body indecisive candlesticks has guided the price activity, causing the altcoin to consolidate.
The cryptocurrency signal will remain range-bound until there is a price recovery or breakdown.
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