Cardano Price Remains Stable And Holds Above The $0.57 Low

Dec 27, 2023 at 10:21 // Price
Author
Coin Idol

The price of Cardano (ADA) has been moving sideways since the end of the uptrend on December 13.

Long-term forecast for the Cardano price: bullish

The cryptocurrency reached a high of $0.67 before being pushed back. Cardano was unable to break through the $0.70 resistance level. The altcoin is now trading above the 21-day SMA but below the previous high of $0.65. The barrier at $0.65 has further slowed down the upward movement. The altcoin is now trading between $0.57 and $0.66. The price movement has remained stable due to the doji candlesticks. 

The price of the cryptocurrency is currently retesting the 21-day SMA. On the downside, selling pressure will increase again if the bears break above the 21-day SMA and the negative momentum continues. Cardano will fall above the 50-day simple moving average (SMA) or the low at $0.46.

Analysis of Cardano indicators

Cardano has remained solid as the bulls defend the 21-day SMA support. The cryptocurrency will fall if the bears break below the 21-day SMA. The moving average lines on the 4-hour chart are sloping horizontally, indicating a sideways trend. Doji candlesticks dominate the price action and limit the price movement.

Technical indicators

Key resistance zones: $0.50, $0.55, $0.60

Key support zones: $0.30, $0.25, $0.20

ADAUSD_(4-Hour Chart) – DEC.27.jpg

What is the next move for Cardano?

Cardano is currently trading in the bullish trend zone, with buyers keeping the price above the 21-day simple moving average. Price action is limited to the $0.58 to $0.65 range. Cardano will resume its uptrend if buyers break above the $0.65 and $0.70 resistance levels. The current trend will be halted if the bears break below the 21-day SMA.

On December 18, Cardano hit a low of $0.54 as bulls reacted to the declines. And on December 20, ADA/USD is trading at $0.58, as reported by Coinidol.com. 

ADAUSD_(4-Hour Chart) – DEC.27.jpg

Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.

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