Cardano Is In A Tight Range And Could Fall To A Low Of $0.23

Cardano (ADA) price is falling, although consolidation has resumed above $0.29 support. Cardano has traded between $0.31 and $0.38 in the last price action.

Cardano price long-term forecasts: bearish

The 21-day line SMA stopped the rising movement today. The cryptocurrency’s price is currently fluctuating only slightly between $0.29 and $0.32. Selling pressure at the recent high makes the price unlikely to rise.

 However, the barrier at $0.32 will be breached if the altcoin rallies. The moving average lines will be breached on a rally from ADA. The previous high of $0.43 will be reached due to positive momentum. On the other hand, if the altcoin fails to recover, it will remain in its range zone between $0.29 and $0.32. On the other hand, the market will fall to a low of $0.23 if sellers break the $0.29 support.

Cardano indicator analysis

The Relative Strength Index for period 14 shows Cardano at level 42. The price could fall much further as it is now in a bearish trend zone. The decline is likely to continue as the price bars are below the moving average lines. Below the daily stochastic level of 50, ADA is in a negative 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 trading sideways in the limited range between $0.29 and $0.32. There are indications that the value of the cryptocurrency will continue to decline. If the price falls below $0.29, the downtrend will resume. If the current support is broken, the coin will fall to a low of $0.23.

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.

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