Cardano’s (ADA) price has continued to decline, reaching the critical support level above $0.50.
Cardano price long-term forecast: bearish
Previously, the cryptocurrency was moving within a range above the $0.60 support but below the 21-day SMA barrier. ADA dropped to a low of $0.50, well below the current $0.60 support level.
Since February 3, the bulls have been defending the $0.50 support level. Buyers enter the market whenever critical support is breached. Today, the ADA price has risen above its $0.50 low. The altcoin is now valued at $0.54 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
Cardano price indicator analysis
The moving average lines are trending downward, with the 21-day SMA below the 50-day SMA. The 21-day SMA acts as a resistance line for the price bars. The altcoin will continue to decline as long as it is rejected at this resistance. On the 4-hour chart, the horizontal moving average lines are also trending downward.
What is the next move for Cardano?
Cardano’s price is currently trading above the $0.50 support level but below the 21-day SMA. The cryptocurrency price has corrected upwards; however, it has been halted by the 21-day SMA barrier.
The ADA price is now in the middle of its range. ADA will resume its bullish trend if it breaks above the 21-day SMA; otherwise, the range-bound movement will persist below the recent high.
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.