Cardano Could Drop In The Face Of The $0.60 Barrier

The price of Cardano (ADA) is rising after falling to a low of $0.51.

Cardano price long-term forecast: bearish

Since February 3, buyers have been unable to sustain their bullish momentum above the moving average lines, as Coinidol.com wrote. Since February 3, buyers have also defended the $0.50 support. The bulls will pull back and buy the decline every time the bears push the price to $0.50.

Nonetheless, Cardano will return to the previous bottom above $0.30 if the bears break the $0.50 support. The bulls will pull back every time the bears push the price to $0.50 and buy the decline.

The altcoin is currently rising but is hitting a first obstacle at the $0.60 high. On the upside, the altcoin will return to its previous high price of $0.85 if buyers push the price higher. If the buyers fail to sustain the price above the moving average lines, ADA will be forced to move in the downtrend zone.

ADA price indicators analysis

On the daily chart, the horizontal moving average lines show the sideways trend above the $0.50 support, but the lines on the lower time frame of the chart are sloping down. There is a bearish crossover and the bearish signal has ended above the $0.50 support.

Technical Indicators

Key Resistance Zones: $1.20, $1.30, and $1.40

Key Support Zones: $0.90, $0.80, and $0.70

What is the next move for ADA?

The altcoin is currently trading at a high of $0.59. The goal of the buyers is to break the barrier at $0.60. ADA will fall and continue its price action if the barrier at $0.60 is not broken.

Source