The price of Cardano (ADA) has remained in a horizontal trend and is trading at the bottom of the chart.
On October 25, ADA fell below the moving average lines and reached the low of $0.31. The altcoin has returned to its previous price range of $0.30 to $0.40. Further declines in the cryptocurrency seem unlikely.
However, if the bears break through the $0.30 support, the ADA price will return to the previous low of $0.27.
Today, the altcoin is trending upwards towards the moving average lines. The uptrend was rejected at the previous high. Cardano is currently worth $0.336.
The price bars have fallen below the moving average lines after the negative trend on October 25. Selling pressure has eased as the altcoin consolidates above the $0.30 support. The moving average lines are horizontal, with a bearish crossover. Doji candlesticks slow down the price movement.
Key Resistance Zones: $0.80, $0.85, and $0.90
Key Support Zones: $0.50, $0.45, and $0.40
On the 4-hour chart, Cardano is in a sideways trend between $0.34 and $0.37. On October 25, the bears broke through the existing support and reached a low of $0.315. The ADA price corrected upwards to retest the previous support of $0.34. Cardano found resistance at $0.34 and continued its slide.
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.
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