The price of Cardano (ADA) has slipped below its moving average lines.
Cardano price long-term forecast: bullish
The price of the cryptocurrency fell below the 21-day SMA but remained above the 50-day SMA support. In previous price action, buyers were unable to push the price above the $0.85 barrier, causing the drop. The ADA price is now tied to the moving average lines.
Cardano’s trend is determined by the breach of the 21- and 50-day moving average lines. Cardano will drop to a low of $0.60 if the bears break below the 50-day SMA support. The uptrend will resume if the buyers push the price above the 21-day SMA barrier. Cardano will rise again and retest or break the $0.85 barrier.
Today, Cardano is worth $0.756.
Analysis of the Cardano indicator
The price bars have slipped between the moving average lines following the rejection of the $0.85 barrier. On both charts, the price bars are above the horizontal moving average lines. In the meantime, the doji candlesticks have reappeared, which means that the price movement remains constant.
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 has slipped below the moving average lines but is between them. The ADA price has held between the moving average lines. If the 21-day or 50-day SMA is breached, the altcoin will show a trend.
On the daily chart, the ADA price falls as it is rejected at the 21-day SMA. ADA price will return to the 50-day SMA support level.
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.
