Cardano Fears A Dip As It Faces Restriction at $0.60

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.

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.

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 CoinIdol.com. Readers should do their research before investing in funds.