Cardano’s (ADA) price decline reached a bearish exhaustion on August 5 with a low of $0.27. Price analysis by Coinidol.com.
ADA price long-term forecast: bearish
The price indicator previously predicted that ADA would fall but then reverse at the 1.272 Fibonacci extension level or $0.308. The price of the cryptocurrency surpassed the Fibonacci extension before falling back. The upward correction has failed to break the moving average lines or the barrier at $0.40.
Cardano has pulled back between the moving average lines since it reached resistance at $0.40. The selling pressure has eased and the altcoin has started a sideways movement above the $0.30 support but below the $0.40 resistance.
Cardano is currently trapped between the moving average lines. Cardano is expected to reach a high of $0.46 if the bulls break above the 50-day SMA and resistance at $0.40. Cardano is currently worth $0.35. If the bullish scenario fails, the sideways trend could continue.
ADA indicator analysis
The daily chart shows that Cardano is trading above the 21-day SMA support but below the 50-day SMA resistance. The price of the cryptocurrency has fallen above the 21-day SMA as it resumes its uptrend. The altcoin will perform if the moving average lines are broken.
Technical Indicators
Key Resistance Zones: $0.80, $0.85, and $0.90
Key Support Zones: $0.50, $0.45, and $0.40
What is the next move for ADA?
Cardano started a sideways movement after the end of the bearish momentum on August 5. The altcoin’s price range is between $0.30 and $0.40. The ADA price is bearish and is approaching its previous low of $0.31. The range-bound movement will continue if the altcoin retraces and finds support above the $0.30 level.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
Source: https://coinidol.com/ada-price-recovers-above/