Cardano Price Jumps To A High Of $0.80

Dec 20, 2023 at 08:40 // Price
Author
Coin Idol

The price of Cardano (ADA) has remained below the $0.65 resistance level. Buyers tried twice to test the recent high but were beaten back.

Long-term forecast for the Cardano price: bullish

The cryptocurrency has pulled back above the 21-day SMA several times. On December 18, Cardano hit a low of $0.54 as bulls reacted to the declines. At the time of writing, ADA/USD is trading at $0.58.

The cryptocurrency is currently trading in a price range of $0.52 to $0.65. The price action has been limited by the presence of doji candlesticks. On the downside, the bulls have consistently held the current support level of $0.52. The price of the cryptocurrency remained range-bound due to an indecisive small-bodied candlestick known as a doji. The altcoin is trading in the middle of its price range at $0.58.

Cardano indicator analysis

The price bars are above the moving average lines and are rising upwards. The support line is the 21-day SMA. The price of the cryptocurrency is consolidating above the support level of $0.56.

The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend.

Technical indicators

Key resistance zones: $0.50, $0.55, $0.60

Key support zones: $0.30, $0.25, $0.20

ADAUSD_(Daily Chart) – DEC.20.jpg

What is the next move for Cardano?

The ADA/USD pair is currently trading sideways due to the end of the upswing on December 9. The price of the altcoin is hovering between $0.52 and $0.65. The cryptocurrency can continue to rise as long as it trades above the moving average lines. The altcoin will reach a high of $0.80.

ADAUSD_(4-Hour Chart) – DEC.20.jpg

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.com. Readers should do their research before investing in funds.

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