Cardano (ADA) fell to $0.51 before recovering on April 7. The altcoin is trading below the moving average lines on the daily chart but above the $0.51 support.
Cardano price long-term forecast: bearish
The price of ADAis now declining after peaking at $0.66. The altcoin is falling on the weekly chart as it approaches the low of $0.50 or the 50-day SMA support. If the bears break the 50-day SMA support, the altcoin will fall back to its previous low of $0.50.
On the other hand, the cryptocurrency will rise and be forced to move between the moving average lines if it stays above the 50-day SMA. The price of Cardano currently stands at $0.616, according to Coinidol.com.
ADA indicator analysis
The ADA price is between the upward moving average lines on the weekly chart. It is below the 21-day SMA resistance but above the 50-day SMA support. The ADA price will have tomove within a trading range for a fewmore days. A downtrend is indicated by the sloping moving average lines on the daily chart.
Technical Indicators
Key Resistance Zones: $1.20, $1.30, and $1.40
Key Support Zones: $0.90, $0.80, and $0.70
What is the next move for Cardano?
Cardano has made two lows above the $0.50 support and is currently in a sideways trend. The 21-day SMA barrier on the daily chart has halted the positive momentum.
The ADA price remains unchanged in the middle of the price range. The altcoin has reached the oversold area of the market as buyers emerge near the bottom of the charts.
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/cardano-heads-for-another-drop/