Cardano Stabilizes Above $0.46 As Bulls Stop The Slide

Apr 27, 2024 at 10:03 // Price
Coin Idol

The price of Cardano (ADA) is moving in a range below the moving averages. ADA price analysis by

Long-term forecast for Cardano price: bearish

The negative trend has stopped above the support level of $0.43 after reaching a low of $0.40. Cardano is now trading above the current support of $0.43 but below the moving average lines or resistance at $0.51. The moving average lines are currently holding back the upside as the ADA price hovers above the $0.46 support level.

Should the bears break the current support, the ADA price will retest the previous low of $0.40. Nonetheless, the range-bound movement will continue if the current support at $0.43 holds.

Analysis of the Cardano indicators 

The ADA price bars are below the moving average lines, suggesting that the cryptocurrency will fall. The 21-day SMA is now holding back rising advances. On the 4-hour chart, doji candlesticks have prompted the altcoin to consolidate above the $0.46 support. The current consolidation could lead to a price dip or breakout.

Technical indicators

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

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

ADAUSD_(Daily Chart) –April 26.jpg

What is the next move for Cardano?

Cardano has stopped its downtrend and is now trading in a range. On the 4-hour chart, the cryptocurrency is trading above the support of $0.43 and below the high of $0.52. Cardano was pushed back at its last high and is currently stabilizing above the support of $0.46. The price action has remained stationary due to the doji candlesticks.

ADAUSD_(4 -Hour Chart) – April 26.jpg

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