The price of Cardano (ADA) fell to a low of $0.51 on April 7, but the bulls bought the dips.
ADA price long-term forecast: bearish
The cryptocurrency is below the moving average lines but above the $0.50 support. If the buyers sustain the price above the 21-day SMA, the price of ADA will continue to rise on the daily chart and reach the high of the 50-day SMA. However, the altcoin will fall to the lows of $0.40 and $0.30 if Cardano is rejected at the 21-day SMA.
Currently, the price has halted its uptrend at a high of $0.60. The price has remained stationary but continues to fluctuate below the recent high. Cardano is now valued at $0.63.
ADA indicator analysis
The moving average lines of the daily chart above the price bars indicate that the cryptocurrency could be on the verge of a decline. The uptrend will start when the price breaks above the 21-day SMA. The resistance line of the price bars is the 21-day SMA.
The cryptocurrency price has broken above the 50-day SMA and is now within the moving average lines on the weekly chart.
Technical Indicators
Key Resistance Zones: $1.20, $1.30, and $1.40
Key Support Zones: $0.90, $0.80, and $0.70
What is the next move for Cardano?
Cardano’s price is below the moving average lines but above the $0.50 mark. If the price breaks above the moving average lines, the uptrend will begin. However, if the cryptocurrency breaks through the $0.50 support, the downtrend will return.
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-jump-back-in/