The price of Cardano (ADA) is in a downward correction as it trades below moving average lines. Since the June 13 price drop, the price of ADA has fluctuated below the 21-day moving average line.
Further upward movement was resisted by the 21-day line SMA. On July 4, buyers attempting to push the altcoin above the 21-day SMA line were rebuffed. A break above the 21-day line SMA will push the altcoin to the high of $0.51. ADA price is declining after rejection at the 21-day line SMA. Bears are trying to push Cardano below the $0.44 support. A break below the $0.44 support will drop the altcoin to the low of $0.40.
Cardano indicator analysis
Cardano is at level 41 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and could fall further. The price bars of the cryptocurrency are below the moving average lines, indicating a possible decline. The daily stochastic is below the 25% area. ADA is in a bearish momentum.
Technical Indicators:
Key Resistance Zones: $1.00, $1.20, $1.40
Key Support Zones: $0.60, $0.40, $0.20
What is the next move for Cardano?
Cardano is in a downtrend. The upward movement was slowed down by the 21-day line SMA. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall, but will reverse at the level of 1.272 Fibonacci extension or $0.35.
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 funds.
Source: https://coinidol.com/cardano-drops-0-44/