Cardano’s Price Could Fall As The Bears Retest The $0.35 Low

The price of Cardano (ADA) has been fluctuating since Nov. 11 when the price reached $0.39, but buyers have not been able to sustain the positive momentum above the $0.40 level.

Long-term forecast for the Cardano (ADA) price: bullish

The altcoin is forced to fluctuate in a narrow range. Since November 11, the ADA price has been fluctuating between $0.34 and $0.40. The bulls have successfully defended the current support level as well as the 21-day SMA. Today, ADA price fell to a low of $0.35 as the bulls bought the dips. At the time of writing, ADA/USD is trading at $0.37.

Cardano threatens a drop to above $0.30 if the bears fall below the 21-day SMA or the current support at $0.34. On the upside, ADA is overbought and a rise above $0.40 is unlikely. The coin will reverse after a price rise.

Cardano indicator analysis

Today, the ADA price is bouncing as it retests the 21-day simple moving average. Last week, the 21-day SMA supported the price bar. Cardano will fall if the bears drop below the 21-day simple moving average. If the 21-day SMA is breached, the selling pressure will continue to the 50-day SMA.

Technical indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next move for Cardano (ADA)?

Cardano's rise ended at a high of $0.39 but traded below the $0.40 resistance zone, with ADA prices hovering between $0.34 and $0.40. Bulls will continue to have the upper hand as the altcoin trades in the bullish trend zone.

Last week Coinidol.com wrote that Cardano (ADA) price has resumed its uptrend after the breakdown of the uptrend on November 11. The ADA price previously rose to a high of $0.39, which was in line with the historical price level of July 14. 

Brought from CoinIdol.com: https://coinidol.com/cardano-second-upward/

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.