Cardano in a Strong Sideways Move as Bulls and Bears Remain Indifferent
The price of Cardano (ADA) has continued its sideways movement as the cryptocurrency maintains its price levels of $2.13 and $2.14. It is unlikely that Cardano will develop a trend as long as the small body candlesticks dominate the price action.
According to the description of the Small Body Candlesticks, buyers and sellers are in a phase of indecision. They are undecided about the direction of the market. As long as the doji candlesticks dominate the price action, the price level is likely to remain the same. The price movement of the cryptocurrency is insignificant as the altcoin has no trend. Nevertheless, the price level of ADA/USD has been stable since September 20.
Cardano indicator analysis
The cryptocurrency is at level 44 of the Relative Strength Index of period 14, which indicates that Cardano is in the downward zone and can fall. The price bars are below the 21-day line and the 50-day moving averages line, indicating a possible downward movement.
Technical Indicators:
Key Resistance Zones: $3.00, $3.50, $4.00
Key Support Zones: $2.50, $2.00, $1.50
What is the next move for Cardano?
On the 4-hour chart, Cardano’s price is moving in a range. The altcoin is hovering between $2.09 and $2.30, but in the past week, the cryptocurrency has consolidated above the lower price level. Nonetheless, a trader who is in a certain trading range can bet on this price movement if the current fluctuations continue. That is, a long position can be opened above the support level. This can be terminated when the price reaches the resistance zone. Similarly, a short trade can be initiated at the resistance level. Again, this can be exited when the price reaches the support zone.
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. Readers should do their own research before investing funds.
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