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Cardano (ADA) price dropped below the moving average lines on October 1. Price analysis by Coinidol.com on October 14.
Cardano price long term forecast: ranging
The cryptocurrency plunged to a low of $0.336 and started to fluctuate below the moving average lines.
Since October 1, the moving average lines have put the brakes on the price's upward movement. The previous price movement of Cardano was limited to $0.30 to $0.40. The cryptocurrency is trading in a narrow range above the $0.30 support but below the moving average lines or resistance at $0.36.
There are long candle wicks pointing to the moving average lines. This indicates significant selling pressure at the moving average lines. Cardano will resume its uptrend as soon as the price breaks above the moving average lines. The altcoin is currently worth $0.348.
Analysis of the Cardano indicators
On the daily chart, the price bars of the cryptocurrency are falling below the moving average lines. The altcoin is likely to fall as long as it is in the bearish trend zone. The price bars are rejected by the moving average lines. The moving average lines have been horizontal since the end of the downtrend on August 5, as reported by Coinidol.com.
Technical Indicators
Key Resistance Zones: $0.80, $0.85, and $0.90
Key Support Zones: $0.50, $0.45, and $0.40
What is the next move for Cardano?
On the 4-hour chart, Cardano is trading in a sideways pattern. The price of the altcoin has dropped to a narrow range of $0.33 to $0.36. The price movement has been delayed due to the dominance of Doji candlesticks. During the range, the price of the cryptocurrency is moving below and above the moving average lines.
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.