The price of Cardano (ADA) has fallen below the moving average lines in a sideways trend.
ADA price long-term forecast: ranging
Since December 3, 2024, the crypto price has fluctuated between the support of $0.60 and the resistance of $1.20, as reported by Coinidol.com.
Currently, Cardano is trading in a narrow range between the $0.60 support and below the moving average lines. Neither bulls nor bears are safe if the cryptocurrency drops below the moving average lines.Â
The price will fall if it breaks below the $0.60 support (or  to its previous low of $0.50) and turns down from the 21-day SMA barrier.
However, the uptrend will start if the buyers sustain the price above the moving average lines. Moreover, the limited price range will continue if the range-bound levels are not breached.
Analysis of the Cardano indicators
Cardano has been consolidating over the past week based on the doji candlesticks. The price bars are fluctuating below the horizontal moving average lines.
The 21-day SMA is below the 50-day SMA, indicating the horizontal trend.
Technical IndicatorsÂ
Key Resistance Zones: $1.20, $1.30, and $1.40Â
Key Support Zones: $0.90, $0.80, and $0.70Â
What Is the Next Move for Cardano?Â
The horizontal trend on the 4-hour chart is between the high at $0.80 and the support at $0.65. The dominance of the Doji candlesticks has caused the price action to remain stationary.
However, if the altcoin rises back above the $0.69 support and breaks above the moving average lines, Cardano will rise. Initially, Cardano will reach its next resistance at $1.00.
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. Â
