Cardano Fears A Dip As It Faces Restriction at $0.60

Dec 13, 2023 at 12:28 // Price
Coin Idol
Cardano is trading between $0.52 and $0.65 in anticipation of a trend

The price of Cardano (ADA) has remained above the moving average lines and the $0.52 support. Cryptocurrency price analysis brought by

Cardano price long-term forecast: bullish  

Since December 9, the resistance zone of $0.65 has slowed the upward movement. Cardano has been forced to trade sideways, above the moving average lines but below the $0.65 resistance level. If buyers maintain their bullish momentum above the barrier, the market will rally to a high of $0.83. However, the upswing is questionable as the altcoin is overbought. However, the current rise could stall if the sellers break the $0.52 support or the 21-day SMA. As a result, the altcoin will drop to a low of $0.44 or $0.38. At the time of writing, the price of ADA/USD stands at $0.54.

Cardano indicator analysis

The price bars are high above the moving average lines, suggesting that the current trend will continue. The price bars on the 4-hour chart are between the moving average lines, indicating that the sideways trend will continue. The upward pattern of the moving average lines has been maintained.

ADAUSD_(Daily Chart) – DEC.13.23.jpg

Technical indicators

Key resistance zones: $0.50, $0.55, $0.60

Key support zones: $0.30, $0.25, $0.20

What is the next move for Cardano?

Cardano's rise has come to an end at the $0.65 barrier. In the meantime, the altcoin is trading between $0.52 and $0.65 in anticipation of a trend. The rising momentum is being held back by a high at $0.60. The altcoin will decline if its current support base fades.

ADAUSD_(4-Hour Chart) – DEC.13.23.jpg

As we reported on December 6, the cryptocurrency has been trading above the moving average lines in anticipation of a positive trend. After the recent breakout, the ADA price has risen to a high of $0.426. 

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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