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The price of Cardano (ADA) has reached bearish exhaustion and has fallen below the moving average lines. Price analysis by Coinidol.com.
On August 5, the cryptocurrency plunged to a low of $0.227, but the bulls bought the dips.
Long-term forecast for the Cardano price: bearish
The altcoin has reached the oversold area of the market. The price signal predicted a price decline on April 8 when a retraced candlestick body tested the 78.6% Fibonacci retracement level. The correction predicts that Cardano will fall but reverse at the 1.272 Fibonacci extension or $0.306.
Nonetheless, the altcoin has fallen to a low of $0.227 and then recovered. Selling pressure has eased as the cryptocurrency maintains its range-bound movement. Today, the altcoin has reversed course and is trading at $0.338 at the time of writing.
Technical Indicators
Key Resistance Zones: $0.80, $0.85, and $0.90
Key Support Zones: $0.50, $0.45, and $0.40
Cardano indicator analysis
The selling pressure has reached bearish exhaustion as the price bars remain below the moving average lines. Both charts show a bearish crossover, with the 21-day SMA falling below the 50-day SMA. This means that there is a bearish signal. The altcoin is predicted to retrace at a low of $0.277.
What is the next move for Cardano?
Cardano has reached bearish exhaustion and is confined to an area near the bottom of the chart. Meanwhile, the altcoin’s price is hovering between $0.30 and $0.36. Currently, the upside is being held back by resistance at $0.36, while the downside is being held back by support at $0.30.
If the price of ADA breaks above the moving average lines, it will resume its uptrend. In the meantime, the crypto signal remains within its current range.
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.
