Cardano Maintains Its Range Above $0.24

Cardanos (ADA) price rose above the moving average lines but was halted by the 50-day SMA barrier.

ADA Price Long-Term Forecast: Ranging

The cryptocurrency is positioned between the 21-day SMA support and the 50-day SMA barrier. In previous price action, bullish momentum was repelled three times by the 50-day SMA. Today, if buyers break above the 50-day SMA barrier, the altcoin could rise to a high of $0.30.

Conversely, if sellers push the price below the 21-day SMA support, the altcoin will likely return to its previous low, which is above $0.24.

Meanwhile, the price remains caught between the moving average lines, around $0.255.

Technical Indicator

• Key Resistance Zones: $1.20, $1.30, and $1.40
• Key Support Zones: $0.90, $0.80, and $0.70

ADA Indicators Analysis

Cardano has maintained its range-bound movement above the 21-day SMA support but below the 50-day SMA barrier. When either the 21-day SMA support or the 50-day SMA resistance is breached, the ADA price will trend. On the 4-hour chart, the price bars are above the horizontal moving averages. The cryptocurrency has fluctuated both below and above the horizontal moving average lines, indicating a sideways trend.

What Is the Next Move for ADA？

The development of Doji candlesticks will cause Cardanos price to continue its sideways trend. On the 4-hour chart, ADA has broken above the moving average lines but remains below the $0.26 high. The long candlestick wick at the current high suggests significant selling pressure.

On the upside, if buyers fail to break through the $0.26 high,the altcoin will be forced to trade between the $0.24 support and the $0.26 high.