Cardano Maintains Its Gains Above $0.25

Cardano’s (ADA) price is holding steady as it continues to move sideways above the $0.24 support but below the $0.30 resistance level.

ADA price long-term forecast: ranging

Since February 5, as Coinidol.com reported, buyers have pushed the price above the 21-day SMA barrier twice, but were stopped at the $0.30 high. The cryptocurrency price is rising as it approaches its previous peak.

On the upside, Cardano will reach the $0.42 high if buyers sustain the price above the moving average lines. However, the crypto will continue its range-bound movement above the $0.24 support if the recent highs are rejected. Meanwhile, it is trading at the bottom of its chart, already below the moving average lines.

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 price indicator analysis

The 21-day and 50-day SMAs are horizontal, indicating a sideways trend. The price has remained stable while trading below the moving average lines at the bottom of the chart. On the 4-hour chart, the moving average lines are horizontal, but the 21-day SMA alternates below and above the 50-day SMA. The cryptocurrency price is trapped between them.

What is the next move for ADA?

Cardano’s price has slipped into the oversold region of the chart. The cryptocurrency price has remained above its bottom price of $0.24. On the 4-hour chart, the price has risen above the moving average lines, but the upward trend has been halted at the high of $0.275. If the ADA price breaks through the current barrier, it will continue to rise to a high of $0.31.

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.