CandleFocus

Cardano Moves In A Range And Struggles With The $0.40 Barrier

Author: Content Editor
The price of Cardano (ADA) has been trading sideways between $0.30 and $0.40 for two months. The cryptocurrency has attempted to break through the $0.40 resistance twice but has been unsuccessful so far. Today, ADA is making a third attempt to break through or retest the resistance. If successful, the price could rise to $0.45 and $0.50. However, if the support level of $0.30 is broken, the downtrend will continue. Currently, ADA is trading at $0.366. The altcoin has risen above the moving average lines but is facing resistance at the 21-day SMA on the daily chart. Key resistance zones are at $0.80, $0.85, and $0.90, while key support zones are at $0.50, $0.45, and $0.40. Overall, Cardano is trading sideways but there is potential for an uptrend if it breaks above the resistance. This analysis and forecast are personal opinions and not a recommendation to buy or sell cryptocurrency.

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