Cardano Stops Above $0.24 As It Faces Fierce Opposition

Oct 18, 2023 at 11:12 // Price
Coin Idol
Cardano stops above $0.24

The latest price analysis by report, the price  of Cardano (ADA) has remained above the lower price range after the recent decline.

Cardano price long-term forecasts: bearish

On October 12, the cryptocurrency fell to a low of $0.242 before recovering. Cardano would have fallen even further if the support level of $0.24 had been breached. The altcoin would have reached a new low of $0.23. Nevertheless, the altcoin has recovered above the $0.24 support level and is now trading above the moving average lines.

The cryptocurrency's price reached a high of $0.26 before falling. The cryptocurrency has fallen below the moving average lines today. At the time of writing, Cardano is trading at $0.247. After the price drop on August 17, ADA /USD has continued its movement between $0.24 and $0.27. It is currently trading above the current support level but below the moving average lines.

Cardano indicator analysis

The price bars are below the moving average lines, indicating a possible downward pressure. The altcoin is trading towards the bottom of the chart, showing long candlestick tails. This indicates that the existing support is under a lot of buying pressure. The moving average lines are moving in opposite directions according to the current price range.

ADAUSD_(Daily Chart) – OCT. 18.23.jpg

Technical indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next move for Cardano?

The ADA /USD has fallen below the moving average lines. Cardano broke through the support level of $0.243 and consolidated further above it on the 4-hour chart. The altcoin has recovered and is now trading above the moving average lines. The uptrend was halted when buyers were unable to sustain the positive momentum.

ADAUSD_ (4 Hour Chart) – OCT. 18.23.jpg

On October 11, 2023 cryptocurrency analytics specialists of stated that the deterioration has continued outside the range where the price is. After a strong rejection at the high of $0.265, the ADA price is currently trading around $0.246. 

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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