Cardano Trades Slightly Below The $0.80 Barrier

The price of Cardano (ADA) is trading above the critical support level of $0.60 but below the moving average lines and resistance at $0.80.

ADA price long-term forecast: ranging

The price of Cardano has been trading in a limited range since March 10 due to the presence of doji candlesticks, as reported by Coinidol.com. Doji candlesticks indicate traders who are uncertain about the direction of the market.

Today, ADA prices are trending higher and approaching the moving average lines. In the past, higher price action has been hindered by moving average lines or the $0.80 barrier. ADA price will rise to the next resistance level at $1.00 if buyers keep the price above the moving average lines. If the current support is broken, the ADA price will fall to $0.55. The ADA price is currently at $0.69.

ADA price indicators analysis

On the weekly chart, the price bars are located between the moving average lines. Cardano will initiate a trend reversal if the 21- and 50-day SMAs are broken. Otherwise, the cryptocurrency will be trapped between the moving average lines.

Price action is currently static due to the presence of doji candlesticks.

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 ADA?

The price of Cardano is moving sideways above the support of $0.60. Since February 3, the bulls have defended the $0.60 support while the altcoin continues its sideways movement. The ADA price is fluctuating marginally as it faces the rejection of the moving averages.

On the daily chart, Cardano will start its uptrend if buyers keep the price and momentum above the moving average lines.

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.