The cryptocurrency market has started the new week on a positive note, with all of the top ten coins trading in the green. Yesterday, the price of Bitcoin (BTC) fell back to $64,895 and fought to stay above it for the first half of the day.
Cardano in sideways trade
The Cardano price has remained sideways, with the coin’s price remaining below the 9-day and 21-day moving averages.
Cardano’s price is falling below the 9-day and 21-day moving averages when compared to Bitcoin. The long-term 9-day moving average is projected to bearishly cross below the channel’s lower border. The Cardano market is currently in a slump, with the price reaching a daily low of 3397 SAT.
Popular analyst Micheal Van De Poppe too has pointed out the bearish/sideways momentum ADA has been experiencing off late. He depicts this in his recent tweet.
A Breakout On the way?
If the bulls can drive the price above the 9-day and 21-day moving averages, the Cardano price is likely to break out. Meanwhile, the altcoin may continue to rise by breaching above the moving averages, maintaining a solid upward trend. As a result, any further bullish movement might push the coin to resistance levels of $2.50, $2.60, and $2.70.
The bullish movement may be invalidated if the bears break below the lower border of the channel, and the ADA price falls below the negative side to support levels of $1.85, $1.75, and $1.65, as seen on the daily chart.
Meanwhile, the technical indicator Relative Strength Index (14) signal line is falling below 50, indicating that the market is sliding sideways.