Cardano Price Fluctuates Around $0.49

The price of Cardano (ADA) is rising after breaking above the 21-day SMA or resistance at $0.45.

Long-term Prediction of Cardano Price: Bearish

The altcoin is approaching the top or resistance of the 50-day SMA at $0.50. On the upside, if the current bullish momentum breaks above the 50-day SMA, Cardano will resume its uptrend. The altcoin will reach highs of $0.62 and $0.68.

However, if it gets rejected at the 50-day SMA, Cardano will be sandwiched between the moving averages. The altcoin will start fluctuating between the moving averages. In other words, the ADA price will fluctuate between $0.45 and $0.50. The current exchange rate between ADA and the US dollar is $0.47.

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Cardano indicator analysis

Cardano's price column has risen above the 21-day moving average, but it is still below the 50-day moving average. If the price of Cardano rises above the 50-day moving average, the negative trend will stop. The 21-day moving average has limited the previous upward trend, but it has now been broken. Buyers still need to overcome the obstacle of the 50-day moving average to resume the upward trend.

What's next for Cardano?

Cardano rebounded near the $0.50 resistance level. On the 4-hour chart, the ADA price is stuck at $0.49. It is currently trading below the recent highs, and the cryptocurrency has tested the resistance level twice. This means that Cardano will fluctuate for a few days.