Cardano Remains Stable As It Slides Above $075

The price of Cardano (ADA) has slipped below its moving average lines.

Cardano price long-term forecast: bullish

ADA walks the tightrope, wedged between the bullish safety net of the 50-day SMA and the bearish ceiling of the 21-day SMA. The previous attack on the $0.85 stronghold got rejected, thereby being the initiator for the present downward movement. Now ADA seems to be dancing to these moving averages with its next step unclear. Will it break free and make a move toward higher ground, or will it accept being dragged down toward lower support?

Cardano strikes a knife-edge balance. Wars between bulls and bears rage on the battlegrounds of 21 SMA and 50 SMA. 21 SMA acts as a resistance for price while 50 SMA could be a support. If bears weaken 50 SMA support through a rally, the price may go down uncomfortably towards $0.60. Hope is still alive. If bulls manage to gather momentum to cross above the 21 SMA resistive level, Cardano could rise to attempt to reclaim or surpass the peak located at $0.85. The very next move will be crucial towards the fate of Cardano.

Today, Cardano is worth $0.756.

Analysis of the Cardano indicator

After touching the wall near $0.85, the price took a bearish turn, slipping beneath the embrace of the moving averages but a glimmer of hopes still remains as it clings just on top of the horizontal moving averages. But by all means, beware! The dreaded doji has shown up again to whisper stories of indecision and a locked market price.

Technical Indicators

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

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

Cardano Remains Stable As It Slides Above 5

What is the next move for Cardano?

Between the 21-day moving average and the 50-day moving average, a tug-of-war is cementing the price of Cardano. ADA seems to be holding its breath waiting for the break-out. A sharp move away from either of the two important levels will probably serve as the signal for a fresh trend to begin, one-likely bullish or bearish-for ADA.

ADA Price Rebuffed at 21-Day SMA – Is a Dip to the 50-Day Looming?

The bulls of Cardano (ADA) faced disappointment today as the price action on the daily chart stalled at the 21-day SMA. This sort of rejection paves the way for a possible pullback, with the 50-day SMA now becoming the crucial level of support to observe. Will ADA gain support here or will there be further downward movement?

Thanks for reading Cardano Remains Stable As It Slides Above $075

Check Also

Shiba Inu Faces Capitulation—What’s Next as 87% of Holders Sit in Loss?

Shiba Inu Faces Capitulation—What’s Next as 87% of Holders Sit in Loss?

Shiba Inu’s bark has quieted. After hitting a high of $0.0000176 on May 12th, the …

Teras Media
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.