Cardano Oscillates Above $0.40 As Bulls Seize The Initiative

The recovery of Cardano (ADA) after the previous decline is hindered as the price falls below the moving average lines and above the $0.40 support.

Long-term forecast for the Cardano price: bearish

The cryptocurrency had previously risen to a high of $0.80 on March 4, but failed to rise above this level. Since April 13, the ADA price has been oscillating above the existing support of $0.40. The current support is the breakout level of November 16, 2023.

If the bears break the existing support, ADA will drop to a low of $0.25. However, if the existing support holds, the price of the cryptocurrency will rise. Cardano will rise and retest or break through resistance at $0.60, with a rise above the moving averages. Cardano is trading at $0.47 at the time of writing.

Analysis of the Cardano indicators

The horizontal moving average lines are moving down and above the price bars. The price of ADA is threatening to fall as it is trading in a bearish trend zone. Currently, the decline has paused above the $0.40 support. On the 4-hour chart, the price bars appear between the moving average lines, indicating potential volatility between the lines.

Technical indicators

Key resistance zones: $0.80, $0.85, $0.90

Key support zones: $0.50, $0.45, $0.40

What is the next move for Cardano?

Bulls have lifted Cardano above its low of $0.40 by taking advantage of weakness. The ADA price has corrected higher and resumed consolidation above the $0.44 support. The price of the altcoin is fluctuating between $0.44 and $0.50. On the upside, the altcoin will rally if the bulls break the 50-day SMA and resistance at $0.50.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.