Cardano Drops But Struggles Above $0.57

The price action of Cardano (ADA) has remained steady, with the cryptocurrency trading above the $0.54 support but below the moving average lines or the $0.60 resistance.

Cardano price long-term forecast: bearish

Bulls broke through the 21-day SMA on July 3 but were pushed back to the current high. Bulls and bears are fighting to keep the price above the 21-day SMA. If the ADA price falls below the 21-day SMA support, the altcoin will drop to lows of $0.54 and $0.50.

On the other hand, buyers have failed to sustain the positive trend since 30 May. Meanwhile, the ADA price is falling below the 21-day SMA support. Cardano is currently worth $0.579.

Cardano price indicators analysis

The price of the cryptocurrency is within the moving average lines but is falling below the 21-day SMA support. Selling pressure could start if the cryptocurrency falls below the 21-day SMA support. ADA will continue its uptrend if the cryptocurrency price retraces and stays above the 21-day SMA support. The altcoin will rise to the next barrier at the 50-day SMA.

Technical Indicators 

Key Resistance Zones: $1.20, $1.30, and $1.40 

Key Support Zones: $0.90, $0.80, and $0.70

What is the next move for Cardano?

Cardano gains as the bulls try to reclaim the 21-day SMA support. The altcoin will continue to rise until it reaches the 50-day SMA barrier. If the price breaks above the 50-day SMA, it will resume its uptrend.

If Cardano falls below the 50-day SMA barrier, it will be forced to trade in a range between the moving averages.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.