Cardano Maintains Its Trend Above $0.30

The price of Cardano (ADA) fell below the moving average lines on October 25. The cryptocurrency fell to a low of $0.31 and continued its sideways trend.

ADA price long-term forecasts: ranging

Cardano has recovered from the downtrend and is now trading above the support of $0.30. 

However, the altcoin is unable to continue its uptrend. It has been difficult for buyers to keep the price above the moving average lines since it fell above the $0.31 support, as reported by Coinidol.com. In the recent price action, the buyers have been able to keep the price above the moving average lines but have not been able to break through the resistance at $0.40. This has forced Cardano to trade above the $0.30 support but below the $0.40 resistance.

Cardano will resume its upward trend as soon as the resistance is broken. The altcoin will rally until it reaches the next resistance level at $0.45.

ADA indicator analysis

The price bars have been fluctuating below and above the horizontal moving average lines. Buyers are desperately trying to bring the price back above the moving average lines. 

Technical Indicators 

Key Resistance Zones: $0.80, $0.85, and $0.90 

Key Support Zones: $0.50, $0.45, and $0.40 

What is the next move for Cardano?

The price bars continue to oscillate both below and above the moving average lines. Currently, the price is correcting upwards towards the moving average lines. When the price rises above the moving average lines, the altcoin begins to trend upwards.

On the downside, further declines in the cryptocurrency seem unlikely as the market approaches the oversold territory.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.