The Price of Cardano (ADA) Falls Below Moving Average Lines
The price of Cardano (ADA) has recently fallen below the moving average lines, indicating a bearish trend. Although there was a temporary bounce back, the bears have gained ground and ADA has once again dropped below the moving average lines. The altcoin is currently priced at $0.50 and if the bearish momentum continues, it could fall further to the next support level at $0.38. However, there are potential barriers at $0.47 and $0.43 that could slow down the decline.
Analysis of Cardano Indicators
Cardano’s price bars on the 4-hour chart are now below the moving average lines, confirming the ongoing downtrend. The southward slope of the moving average lines further supports this bearish outlook.
Technical Indicators
Key resistance zones for ADA include $0.50, $0.55, and $0.60, while important support zones are at $0.30, $0.25, and $0.20.
What’s Next for Cardano?
As Cardano continues to lose ground, it faces resistance at $0.54 and is approaching its current support level of $0.47. If this support level is broken by the bears, ADA could drop to a low of $0.38.
On January 3rd, it was reported that Cardano price stabilized as traders showed passivity.
Hot Take: Cardano’s Bearish Trend Signals Potential Further Decline
The recent drop below the moving average lines suggests a bearish outlook for Cardano (ADA). With resistance at $0.54 and a potential decline to $0.38, it’s important for investors and traders to closely monitor the altcoin’s price movement. Keep an eye on the support levels and be prepared for potential barriers along the way.
By
By
By
By
By
By