Cardano Price Update: Rebounds But Falters Below $0.55 Peak

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

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price has broken above the 21-day Simple Moving Average but falters below the peak of $0.55. Since January 8, the altcoin has been declining above the $0.46 support level and below the moving average lines. The cryptocurrency’s price has broken through the 21-day $MA, and the positive momentum is extending to the 50-day $MA. In other words, the ADA price is above the 21-day SMA but below the 50-day moving average. Cardano is now trading at $0.54 at the time of writing. On the upside, if the cryptocurrency price rises above the 50-day $MA, the bullish trend will resume. Bullish momentum will continue to the highs of $0.65 and $0.67. If Cardano does not surpass the 50-day $MA, it will become caught between the moving average lines. In other words, the altcoin will trade at prices ranging from $0.48 to $0.55.

Cardano (ADA) Indicator Analysis
Given the recent price rise, ADA’s price is now between the moving average lines. The altcoin will be locked in if its price is unable to breach the 50-day moving average. The crypto’s price will be forced to vary for a few days. The moving average lines are sloping horizontally as the downturn ends.

What Is the Next Move for Cardano (ADA)?
Cardano’s upward momentum has slowed but falters below the peak of $0.55. In a similar vein, the price of cryptocurrencies hit a resistance level on January 30 at $0.53 but was rejected. Currently, the crypto’s signal is expected to be negative as the altcoin is rejected at the $0.55 resistance zone. The altcoin will trend when the moving average lines are crossed.


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