Cardano Falls Within Its Range As It Does Not Exceed $0.80

Apr 06, 2024 at 08:40 // Price
Coin Idol

The price of Cardano (ADA) has fallen below the moving averages. Price analysis by

Long-term forecast for the Cardano price: bearish

The crypto has recovered from its previous downturn. The current downturn will hinder the recovery process. In the current price action, the cryptocurrency has fallen from a high of $0.80 to a low of $0.57. The bears are persistent and the cryptocurrency is on the verge of another collapse. Since March 19, the current support level of $0.57 has held. If the current support holds, Cardano will be forced to trade in a narrow range between $0.57 and the breakout level of $0.68.

However, if the selling pressure persists, the altcoin will fall, but down to $0.53. In the meantime, ADA is trading at $0.56 at this time.

Cardano indicator analysis

ADA price bars are below the moving average lines but have reached bearish exhaustion. The moving average lines are sloping down with a bearish crossover. The 21-day SMA has crossed below the 50-day SMA, indicating a bearish trend.

Technical indicators

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

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

ADAUSD_(4 -Hour Chart) – April 5.jpg

What is the next move for Cardano?

Cardano has fallen below the moving average but is above the support of $0.57. The altcoin is trading in a range, but ADA will resume a positive trend if it breaks above the moving averages. Since February 17, 2024, the current support level of $0.57 has held.

ADAUSD_(Daily Chart) –April 5.jpg

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 Readers should do their research before investing in funds.

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