Cardano Stabilizes Above $0.37 But Risks A Possible Crash

Jun 30, 2024 at 19:22 // Price
Coin Idol

Cardano (ADA) fell further to a low of $0.35 on June 18, but the bulls bought the dips. Support has remained stable over the past week.

Long-term forecast for the Cardano price: bearish

The current situation suggests that the ADA price is trading between the $0.35 support and the resistance at the 21-day SMA or the $0.40 high. The price of the cryptocurrency has corrected upwards but is being held back by the 21-day SMA.

If the price breaks the moving average lines to the upside, Cardano will rise into the bullish trend zone. The bullish momentum will continue to the highs of $0.48 and $0.52. However, if the bullish scenario is rejected, ADA will fall or continue its move below the resistance level. Cardano will also fall to a low of $0.29 if it loses its support. At the time of writing, Cardano is trading at $0.38.

Analysis of Cardano indicators 

Cardano is in an upward correction, but the 21-day SMA is hindering the positive trend. The ADA price bars are stabilizing below the 21-day SMA. Continued consolidation is likely to lead to a rebound or a breakdown.

Technical indicators

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

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

ADAUSD_(Daily Chart) –June 29.jpg

What is the next move for Cardano?

The 4-hour chart of Cardano shows a sideways trend between $0.37 and $0.40. The price bars are above the moving average lines, indicating a potential rise for the cryptocurrency. The price is now being held back by resistance at $0.40. Cardano will rise once the initial barrier is broken.

ADAUSD_(4 -Hour Chart) –June 29.jpg

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 Readers should do their research before investing in funds.

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