Cardano Remains Above The $0.70 Support Level

The price of Cardano (ADA) has fallen below the moving average lines, but it has maintained its sideways trend.

Cardano price long term forecast: ranging

Cardano has been trading below the $1.20 barrier but above the $0.60 support. Since the price drop on March 10, the price has been trading below the moving average lines, as reported by Coinidol.com. The bulls are trying to keep the price above the moving average lines.

However, the moving average lines pose a threat to the uptrend. ADA will rise to a high of $1.20 if it breaks above the moving average lines. Bullish momentum will hit another barrier at $1.00 before reaching upside resistance. ADA is currently preparing for a breakout by consolidating below the moving average lines.

ADA indicator analysis

After a recent decline, the price bars are below the moving average lines. The sideways trend is indicated by the horizontal moving average lines on both charts. The altcoin has moved continuously in a range due to the dominance of doji candlesticks in the ADA price.

Technical Indicators 

Key Resistance Zones: $1.20, $1.30, and $1.40 

Key Support Zones: $0.90, $0.80, and $0.70 

What is the next move for Cardano?

The trend of Cardano is horizontal. The upward and downward movements have been slowed down by the $0.21 support and the $0.25 barrier.

Due to the rejection of the recent high, the ADA price is currently bearish. The moving average lines of the 4-hour chart have been breached by the price of the cryptocurrency. This will cause the coin to continue to move sideways.

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.