[Cardano rises to oversold area]
Over the past month, the altcoin’s price has fluctuated between $0.30 and $0.40, as reported by Coinidol.com. Bulls had attempted to hold the price above the moving averages, but met resistance at $0.40, causing the altcoin to move back to the lower price range. ADA is currently worth $0.33 and the price is still rising.
The moving average is heading south, and price action is moving above and below it. The price is currently trading below the moving averages, showing that the altcoin is still trading within the range. The long lower shadow points towards the $0.30 support, indicating strong buying pressure in the lower price areas.
Cardano currently remains stable above the $0.30 support level. The cryptocurrency’s price is capped between $0.30 and $0.40. Multiple occurrences of Doji candles indicate minimal price movement. The uptrend is expected to continue as the altcoin approaches the oversold zone of the market.
