The recovery of Cardano (ADA) after the previous decline is hindered as the price falls below the moving average lines and above the $0.40 support.
Isibikezelo sesikhathi eside sentengo ye-Cardano: bearish
The cryptocurrency had previously risen to a high of $0.80 on March 4, but failed to rise above this level. Since April 13, the I-ADA price has been oscillating above the existing support of $0.40. The current support is the breakout level of November 16, 2023.
If the bears break the existing support, ADA will drop to a low of $0.25. However, if the existing support holds, the price of the cryptocurrency will rise. Cardano will rise and retest or break through resistance at $0.60, with a rise above the moving averages. Cardano is trading at $0.47 at the time of writing.
Ukuhlaziywa kwezinkomba ze-Cardano
The horizontal moving average lines are moving down and above the price bars. The price of ADA is threatening to fall as it is trading in a bearish trend zone. Currently, the decline has paused above the $0.40 support. On the 4-hour chart, the price bars appear between the moving average lines, indicating potential volatility between the lines.
Izinkomba zezobuchwepheshe
Izindawo eziyinhloko zokumelana: $0.80, $0.85, $0.90
Izindawo eziyinhloko zokusekela: $0.50, $0.45, $0.40
Yiluphi uhambo olulandelayo lweCardano?
Bulls have lifted Cardano above its low of $0.40 by taking advantage of weakness. The ADA price has corrected higher and resumed consolidation above the $0.44 support. The price of the altcoin is fluctuating between $0.44 and $0.50. On the upside, the altcoin will rally if the bulls break the 50-day SMA and resistance at $0.50.
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- Source: https://coinidol.com/cardano-bulls-seize-initiative/
