Cardano Moves In A Range And Struggles With The $0.40 Barrier

Oct 07, 2024 at 15:07 // Price

The uptrend will continue if the price breaks above the 21-day SMA

The price of Cardano (ADA) has continued to move sideways, trying to break above the moving average lines.

Cardano has been trading sideways for two months, fluctuating between the $0.30 support and the $0.40 resistance, as reported by Coinidol.com. The bulls have retested the barrier twice but have been unable to establish a positive trend. 

ADA price long-term prediction: ranging

Today, the altcoin is trying to retest or break through the resistance for the third time. If the buyers break the resistance at $0.40, ADA price will rise to highs of $0.45 and $0.50. If the bullish situation is invalidated, the market will continue to trade in a range. 

However, the downtrend will continue if the support level of $0.30 is broken. Cardano is currently worth $0.366.

Analysis of the Cardano price indicators 

The ADA price has risen above the moving average lines but was stopped by the 21-day SMA on the daily chart. The uptrend will continue if the price breaks above the 21-day SMA. The altcoin is rising and is facing resistance at $0.40. The sideways trend is causing the moving average lines to drop horizontally.

Technical Indicators 

Key Resistance Zones: $0.80, $0.85, and $0.90 

Key Support Zones: $0.50, $0.45, and $0.40 

ADAUSD_(4-Hour Chart) –OCT.07.jpg

What is the next move for Cardano?

Cardano is trading sideways between $0.30 and $0.40. The altcoin has failed to resume a positive trend due to resistance at $0.40. Currently, the price of the cryptocurrency is locked between the moving average lines but the bullish momentum has broken above the 50-day SMA on the 4-hour chart. The ADA price is expected to rise to a high of $0.40.

ADAUSD_(Daily Chart) –OCT. 7.jpg

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.

Source: https://coinidol.com/cardano-struggles-barrier/