The latest price analysis by Coinidol.com report, Cardano (ADA) is trading sideways above the support level of $0.25.
The downtrend eased after hitting a low of $0.23 on August 17. Bulls bought the dips to resume their sideways movement. At the time of writing, ADA/USD is trading at $0.257. Cardano's upward movement has been halted by resistance at $0.27 and the moving average lines over the past two weeks.
As a result, the altcoin was forced to continue its movement within a certain range. If the resistance and the moving average lines are broken, the cryptocurrency asset will resume its uptrend. Cardano will regain its previous high of $0.36. The market will remain in a range if buyers fail to break the current high. Further declines are unlikely as the market is already oversold.
The relative strength index for Cardano has been at 37 for the past 14 days. The altcoin is in a downtrend but is range bound. The price bars are rejected at the 21-day simple moving average and are below the moving average lines.
This will lead to a further decline to the previous low. The cryptocurrency has fallen below the daily stochastic level of 20. This suggests that the market has reached an oversold condition and that further selling pressure is unlikely.
Key resistance zones: $0.30, $0.35, $0.40
Key support zones: $0.20, $0.15, $0.10
Cardano has traded in a range of $0.25 to $0.27 over the past two weeks. The crypto has remained stable within the range despite its volatility. If the range is broken, the altcoin will develop a trend. The altcoin is holding now as it rises above the $0.25 support level.
Last week Coinidol.com reported that the cryptocurrency asset rallied above the $0.25 support level and started to climb within a certain range. Last week, the price of ADA /USD moved between $0.25 and $0.27.
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.