The price of Cardano (ADA) has fallen and retested the critical support level at $0.50 on three occasions.
ADA price long-term forecast: bearish
Since October 10, the cryptocurrency has traded above the $0.50 support but below the 21-day SMA. Today, the bears are attempting to break through the existing support. Cardano will fall to a low of $0.40 if the bears break through the current support at $0.50.
The bearish momentum will continue until the price low of $0.295 from the October 10. If the current support at $0.50 holds, Cardano will be forced to trade in a range above the current support but below the moving average lines. A break above the 21-day SMA barrier will trigger a bullish rise.
The ADA price will increase to the top of the 50-day SMA, and later to $0.87. Bears and bulls are currently trying to keep the price above the current support level. ADA is now worth $0.504 at the time of writing.
Technical Indicators
Key Resistance Zones: $1.20, $1.30, and $1.40
Key Support Zones: $0.90, $0.80, and $0.70
ADA price indicator analysis
The price bars are below the 21-day and 50-day moving average lines. The ADA price declines each time it is rejected at the 21-day SMA barrier. The price movement has been defined by a Doji candlestick, indicating that the cryptocurrency is range-bound.
What is the next move for ADA?
On the 4-hour chart, Cardano’s price rebounds as it retests the critical support level of $0.50 on 14 November. On 4 November, the cryptocurrency price retested critical support and rose to a high of $0.60.
Today, the cryptocurrency price is still battling to rise above its existing support. The ADA price will rise if the existing support holds.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.