Cardano Rises As It Has Reached The Oversold Region

The price of Cardano (ADA) has been in a sideways trend since the end of the downtrend on August 5. The price indication has already shown a reversal of the downtrend above the $0.30 support.

Long-term forecast for the Cardano price: bearish

Over the past month, the altcoin has traded in a price range of $0.30 to $0.40, as reported by Coinidol.com previously. On the upside, buyers tried to hold the price above the moving average lines but were stopped at the $0.40 mark. The rejection has prompted the altcoin to return to the lower price range. The current value of ADA stands at $0.33, and the price continues to rise.

ADA indicator analysis

The moving average lines have slipped south with the price bars fluctuating below and above them. The price bars are below the moving average lines, indicating that the altcoin is still trading in a range. Long candlestick tails point to the $0.30 support, signaling strong buying pressure at the lower price area.

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 step for Cardano?

Cardano has remained above its current support level of $0.30. The price of the cryptocurrency has been capped at $0.30 and $0.40. The appearance of doji candlesticks has resulted in negligible price movement. The uptrend is expected to continue as the altcoin approaches the oversold area of the market.

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.