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Cardano Price Stabilises As Traders Show Passivity

Jan 03, 2024 at 13:17 // Price

Cardano (ADA) continues to trade in the positive trend zone and above the 21-day simple moving average. Price analysis by Coinidol.com.

Long-term forecast for the Cardano price: range

After rejecting the $0.68 resistance level, the ADA price has fallen and resumed its consolidation above the 21-day simple moving average. Over the past two weeks, the price of the cryptocurrency has held steady above the 21-day simple moving average. ADA’s price action has been dominated by doji candlesticks, indicating that buyers and sellers are unsure which way the market will move. The price activity suggests that the risks for cryptocurrencies are diminishing as the price bars approach the moving average lines. The ADA/USD price is at $0.61 at the time of writing.

On the downside, Cardano could fall if sellers break below the 21-day SMA support. The market will fall above the 50-day simple moving average or $0.50 low.

Analysis of the Cardano indicators

Cardano’s price bars are above the moving average lines, suggesting that the altcoin is still moving sideways, and the moving average lines are moving north as the 21-day SMA crosses the price bars, indicating a possible decline. The price bars on the 4-hour chart are oscillating above the horizontal moving average lines.

Technical indicators

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

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

ADAUSD_(Daily Chart) – Jan 03.jpg

What is the next move for Cardano?

Since December 13, the price of Cardano has been moving sideways after the uptrend was broken. The price of the cryptocurrency has been oscillating between $0.58 and $0.64. Doji candlesticks have slowed down the altcoin’s price movement. Today, the price of ADA is rising as buyers try to keep it above the moving average lines.

Last week Coinidol.com reported that Cardano was trading in the bullish trend zone, with buyers keeping the price above the 21-day simple moving average.  

ADAUSD_(4-Hour Chart) – Jan.03.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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