Cardano Pauses Above $0.57, But Maintains Its Range

Apr 12, 2024 at 22:27 // News
Coin Idol

The price of Cardano (ADA) falls below the moving average lines but remains above the $0.57 support.

Long-term forecast for the Cardano price: bearish

The current support level of $0.57 has not been broken since March 20. The altcoin is trading above the $0.57 support but below the resistance at the moving average lines. The ADA price is currently trading in the middle of the price range. The moving average lines have limited the upward movement in the last three weeks. Similarly, the recent decline has paused above the $0.57 support.

Should the bears break the current support at $0.57, Cardano would fall to the expected price level of 1.618 Fibonacci extension or $0.4295.

Analysis of the Cardano indicators

Since the price drop on March 20, the price bars have fallen below the moving average lines. The decline has paused above the current support, but the 21-day SMA serves as a resistance line for the price bars. ADA price has been capped by the appearance 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) –April 11.jpg

What is the next move for Cardano?

The altcoin is currently trading in a range below the moving average lines and the current support level of $0.57. If buyers fail to keep the price above the moving average lines, the cryptocurrency would fall below the $0.57 support level.

ADAUSD_(4 -Hour Chart) – April 11.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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