Long-term outlook for Cardano price: bearish
After experiencing a price drop on January 3, Cardano (ADA) has struggled to stay above the moving average lines. Despite briefly breaking through the 21-day SMA on January 29, the price has fallen back below it, indicating potential selling pressure. Currently, Cardano is trading at $0.51 and if it falls below the $0.48 support level, it could drop even further to $0.38.
Cardano indicator analysis
The price of Cardano has fallen below the 21-day SMA, leading to a further decline. This decline is reflected in the downward trend of the moving average lines, signaling a bearish crossover and suggesting that the cryptocurrency may continue to decline.
Technical indicators
Key resistance zones for Cardano include $0.50, $0.55, and $0.60, while key support zones are at $0.30, $0.25, and $0.20.
What is the next move for Cardano?
If Cardano fails to maintain its current support level of $0.48, it is likely to experience a more significant drop in price. Currently trading above this support level but below the moving average lines, the price movement of Cardano will be determined by doji candlesticks.
Hot Take: Bearish Outlook for Cardano Price
The long-term outlook for Cardano’s price remains bearish as it struggles to stay above the moving average lines and faces potential selling pressure. If it falls below the $0.48 support level, there is a possibility of further decline to $0.38. Technical indicators show a bearish crossover with downward trending moving average lines. The next move for Cardano will be influenced by the price movement determined by doji candlesticks. Key resistance and support zones provide important levels to watch for potential price movements.
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