Cardano Reaches Bearish Exhaustion And Hovers Above $0.31

Mar 09, 2023 at 08:04 // Price

Cardano is trading in a narrow range between $0.31 and $0.35

The price of Cardano (ADA) has dropped significantly, reaching a low of $0.31 on March 3. After the price decline on March 3, the bearish momentum subsided.

Cardano price long-term forecasts: bearish

The cryptocurrency asset has fluctuated between $0.31 and $0.34 over the past five days, and if the price falls below the $0.31 support, the current selling pressure may resume. On the other hand, Cardano will regain an upward momentum if the price breaks above the $0.34 resistance level or the moving average lines. Meanwhile, the price of ADA corrected upwards on February 16 and a candlestick tested the 38.2% Fibonacci retracement level. After the correction, ADA will fall to the 2.618 Fibonacci extension level or $0.3184.

Cardano indicator analysis

Cardano is approaching the oversold area on the Relative Strength Index for 14 at level 32. When it approaches the oversold area, the cryptocurrency asset will experience bearish exhaustion. It is already in the oversold area of the daily stochastic, below level 20. The price bars fall below the moving average lines, causing the price to fall.

ADAUSD(Daily Chart) - March 8.23.jpg

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 trading in a narrow range between $0.31 and $0.35. The bears are currently trying to break the current support. If the current support is broken, the downtrend will resume. As long as the current trading range is not broken, the movement will continue within the range.

ADAUSD((4 Hour Chart) - March 8.23.jpg

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.