The price of Cardano (ADA) is in a sideways movement as the bears try to break above the moving average lines. The cryptocurrency is fluctuating between $0.40 and $0.65 price levels.
The bears have broken below the moving average lines, but the altcoin is holding above the 21-day line SMA. Selling pressure will increase when the moving average lines are broken. However, the market will fall to the low of $0.40. However, if the 21-day line SMA holds as support, ADA will be forced to move between the moving average lines. At the time of writing, the cryptocurrency is trading at $0.47.
Cardano indicator analysis
ADA is at level 48 on the Relative Strength Index for period 14, indicating that the altcoin is in a downtrend and could continue to decline. ADA is currently below the 20% area of the daily stochastic. The market has reached the oversold area. Further selling pressure is unlikely.
Key Resistance Zones: $0.60, $0.70, $0.80
Key Support Zones: $0.50, $0.40, $0.30
What is the next move for Cardano?
Cardano is in a sideways movement. The uptrend will resume when the price breaks above the high of $0.65. In the meantime, the price movement is characterized by small indecisive candlesticks. The candlesticks indicate that buyers and sellers are undecided about the direction of the market.
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 CoinIdol. Readers should do their own research before investing funds.
Source: https://coinidol.com/cardano-strong-rejection-0-65/