Cardano Rises Above Its Low Of $0.60

The price of Cardano (ADA) is trading above the support at $0.61 but below the resistance at $0.85.

Cardano price long-term forecast: bearish

The cryptocurrency is currently trading in a limited range but below the moving average lines and the support at $0.61. The moving average lines have put the brakes on the uptrend. The altcoin will start to rise again if buyers keep the price above the moving average lines. The altcoin is expected to reach $0.84, its highest level to date.

Cardano has been trading above $0.60 since June 13. If the current support is broken, Cardano will fall back to the low of $0.50. In the meantime, the altcoin is trading above the support level of $0.60. Today, Cardano is trading at $0.629.

Cardano price indicators analysis

The moving average lines are sloping downwards above the $0.60 support level. Cardano is still bearish and the 21-day SMA is below the 50-day SMA. Selling pressure is consistent when doji candlesticks are present. The moving average lines have fallen significantly.

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?

Cardano has been gradually falling since the 13th of June, but experienced a brief rise above the $0.60 support. On the 4-hour chart, Cardano is moving in a narrow range above the $0.61 support. The bulls have been defending the $0.61 support since the 5th of June. The cryptocurrency is fluctuating between the moving average lines and the $0.61 support.

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.