Cardano (ADA) price is falling again as it faces resistance at the $0.30 high or the 21-day line SMA.
Cardano price long-term forecasts: bearish
Bearish momentum has broken through the $0.31 support level, which has held since November 9. This means that Cardano’s value will likely continue to fall. In the meantime, the current decline is likely to be short-lived as the market approaches oversold territory. At the time of writing, the price of ADA is $0.25, and if Cardano loses its current support, it will fall even further to $0.12. If the current support holds, the cryptocurrency value will be forced to move in a range between $0.25 and $30.
Cardano indicator analysis
The Relative Strength Index for period 14 is at 25, indicating that Cardano is overvalued. Selling pressure may be easing soon. The price bars are below the moving average lines, suggesting that the price will continue to fall. The altcoin is also trading below the daily stochastic level of 20. The price indicators suggest that the asset is oversold.
Technical indicators
Key resistance zones: $1.00, $1.20, $1.40
Key support zones: $0.60, $0.40, $0.20
What is the next step for Cardano?
Cardano is still in a downtrend, but is trading at a low level. On November 10, the downtrend of ADA reversed and the candlestick tested the 61.8% Fibonacci retracement level. The correction suggests that ADA will fall to the Fibonacci extension level of $1.618 or $0.23.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.
Source: https://coinidol.com/cardano-approaches-low-0-23/