Cardano (ADA) Price Analysis: Bearish Outlook
The price of Cardano (ADA) has recently experienced a decline below the moving average lines. This drop came after the altcoin faced resistance at $0.80 and fell to a low of $0.58. However, the bulls managed to buy the dips and regain some bullish momentum. Despite this, the price has been unable to maintain its upward movement and is now bearish once again.
Currently, Cardano is valued at $0.63, and further upward movement is unlikely at this point. Instead, it is expected that the ADA price will continue to decline and return to its previous low above $0.58.
Analysis of Cardano Indicators
Following the recent decline, Cardano’s price bars have fallen below the moving average lines. However, selling pressure has eased above the $0.58 support level, and doji candlesticks have slowed down the price movement. Despite the decline, the moving average lines are still pointing upwards.
Technical Indicators
- Key resistance zones: $0.50, $0.55, $0.60
- Key support zones: $0.30, $0.25, $0.20
What’s Next for Cardano?
The slide in Cardano’s price seems to have halted above the $0.58 support level, and there has been a correction upwards. On the 4-hour chart, it can be observed that ADA is oscillating between the current support at $0.58 and the high at $0.64 or the 21-day SMA (Simple Moving Average). However, this upward movement is being hindered by the resistance of the 21-day SMA. Additionally, doji candlesticks are forming below this resistance level.
Considering these factors, it is likely that Cardano will continue to face resistance at the 21-day SMA and struggle to make significant upward progress in the near future.
Hot Take: Cardano’s Price Facing Bearish Pressure
Cardano’s price has fallen below the moving average lines, indicating a bearish outlook. Despite a temporary recovery, the altcoin is currently facing resistance at the 21-day SMA and is struggling to maintain its bullish momentum. It is expected that the price will decline further and return to its previous low above $0.58.
As always, it is important for crypto investors to closely monitor market trends and technical indicators before making any investment decisions.
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