Cardano Loses Value As It Reaches $0.65

Mar 29, 2024 at 21:00 // Price
Coin Idol

The price of Cardano (ADA) recovers from its fall below the moving averages.

Long-term prognosis for the Cardano price: bearish

Apart from the current downtrend, the altcoin is in an uptrend that has moved away from its previous downtrend. The uptrend has stalled at the high of $0.80. The altcoin fell after two rejections at the $0.80 high. The bulls bought the declines from a low of $0.58.

Today, the altcoin rose to a high of $0.65 but remained between the moving average lines. Cardano is currently trading between the moving average lines. If the price rises above the 21-day SMA, the cryptocurrency will return to its previous high of $0.80. The positive momentum will continue to the high of $0.92. However, if the bullish scenario fails, Cardano will be forced to trade in a limited range between the moving average lines.

Analysis of the Cardano indicators

The price of the cryptocurrency has risen above the 50-day SMA. The ADA price will fluctuate when trading between the moving average lines. Prices can break out and fall as they trade in a limited range. Price action has been delayed by the presence of doji candlesticks.

Technical Indicators

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

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

ADAUSD_(Daily Chart) –March 27.jpg

What is the next move for Cardano?

The price of Cardano has continued to rise, but the uptrend has ended. The current price of the cryptocurrency is between $0.58 and $0.80. The uptrend will resume when the price breaks through the resistance at $0.80.

ADAUSD_(4 -Hour Chart) – March 27.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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