Cardano Hovers above Its $0.235 Critical Support

Cardano’s (ADA) price has failed to recover above the moving average lines, with bullish momentum halted twice by the 21-day SMA and 50-day SMA barriers.

ADA price long-term forecast: ranging

The cryptocurrency is currently trading in a narrow range above the $0.24 support level and below the moving average lines. ADA’s previous price action was range-bound between the $0.24 support and the $0.30 resistance.

Yesterday, sellers drove the price below the moving average lines. The altcoin is currently trading above the $0.24 support, below the moving average lines, and below the resistance at $0.26. Cardano is projected to fall to a low of $0.22 if the bears breach the critical support level of $0.24. The current price is likely to hold as buyers defend the $0.24 support level.

Technical Indicator

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  Key Resistance Zones: $1.20, $1.30, and $1.40

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  Key Support Zones: $0.90, $0.80, and $0.70

ADA indicator analysis

Following its rejection at the 21-day SMA barrier, the price has remained below the moving average lines. The development of Doji candlesticks has kept the price movement range-bound. On the 4-hour chart, the price bars are below the horizontal moving average lines.

However, the cryptocurrency price has fluctuated both below and above the moving average lines, indicating a sideways trend.

What is the next move for ADA?

Cardano’s price is falling below the moving average lines and is likely to continue falling. On the 4-hour chart, the cryptocurrency price is trading above the $0.235 support and below the $0.265 resistance level. Long candlestick tails pointing below the $0.235 support indicate strong buying pressure in the lower price area. Cardano’s range will continue as buyers defend the current support level of $0.235.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.