Cardano Moves In A Narrow Range, But Can Not Break Resistance At $0.80

The price of Cardano (ADA) is in a downtrend, but the cryptocurrency was trading above the $0.77 support last week.

Cardano (ADA) price long-term forecast: bearish

Today, March 16, 2022, ADA/USD is trading at $0.79 at the time of writing. In the last price moves, buyers tried to break the moving averages on February 28 and March 9, but were rejected. The altcoin is now consolidating above the $0.77 support to initiate a possible upside move. Today, the upside is pushed back as the altcoin falls. On the downside, a break below support at $0.77 will cause ADA/USD to fall to the low of $0.74. However, if the current support holds, the price of ADA will be forced to fluctuate between the $0.77 and $0.85 levels.

Cardano (ADA) indicator analysis

The recent decline has caused ADA to fall to the 38 level of the Relative Strength Index for the 14 period. Cardano is in a downtrend and is approaching the oversold area of the market. ADA Cardano’s price is below its moving averages, making it vulnerable to a decline. The market is below the 20% area of the daily stochastic. Cardano has reached the oversold region. In the oversold region, buyers will enter again.

Technical Indicators:  

Major resistance zones: $3.00, $3.50, $4.00

Important support zones: $2.50, $2.00, $1.50

What is the next move for Cardano (ADA)?

Since March 10, ADA/USD has been in a fluctuation range between $0.78 and $0.81. The uptrend was slowed down by resistance at $01.01. The market will resume its upward movement when the initial resistance at $0.80 is overcome.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.

Source: Read Full Article