Cardano (ADA) Price Analysis: Bearish Long-Term Forecasts
The price of Cardano (ADA) has reached a low of $0.255, falling fast as it approaches its previous low of $0.23. The altcoin is under selling pressure, breaching the last price range of $0.25 to $0.28.
Cardano Indicator Analysis
Cardano is currently retreating and approaching the Relative Strength Index Level 37 for the period 14, indicating a negative trend zone. Doji candlesticks dominate the price bars below the moving average lines, contributing to the altcoin’s decline. The altcoin is in a downtrend and has fallen below the daily stochastic threshold of 40.
Technical Indicators
Key resistance zones for Cardano are at $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10.
What’s Next for Cardano?
Cardano is losing ground and approaching its recent low of $0.23, with a previous low of $0.22 being the lowest price level. The price indicator predicts a possible reversal at the support level of $0.20. However, on September 18, Cardano made an upward movement and reached $0.2551.
As previously reported on September 08, the range between $0.25 and $0.28 has narrowed, indicating that bears have the upper hand as sellers are more active at higher price levels.
Hot Take: Cardano’s Bearish Outlook Continues
The price of Cardano (ADA) has been on a downward trend, reaching a low of $0.255. With the altcoin approaching its previous low of $0.23, the bearish outlook remains intact. Technical indicators suggest that ADA will continue to decline, with resistance zones at $0.30, $0.35, and $0.40, and support zones at $0.20, $0.15, and $0.10. The recent upward movement to $0.2551 may be short-lived as sellers remain active at higher price levels. Cardano’s future performance will depend on whether it can reverse its current downtrend and find support at the $0.20 level.
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