Cardano’s Price Forecast Update
On August 5, Cardano’s (ADA) price decline hit a bearish exhaustion point with a low of $0.27. Let’s dive into the latest analysis and projections for ADA:
Long-Term Forecast for ADA Price: Bearish
The price indicator initially suggested that ADA would drop and then reverse around the 1.272 Fibonacci extension level or $0.308. However, the cryptocurrency exceeded this extension before retracing. Despite an upward correction attempt, ADA failed to break through the moving average lines and the $0.40 barrier.
Cardano has been trading within the moving average lines since encountering resistance at $0.40. Selling pressure has eased, leading the altcoin to move sideways above the $0.30 support but below the $0.40 resistance level. Currently, Cardano is stuck between these moving average lines, with a potential high of $0.46 if bulls manage to break above the 50-day SMA and the $0.40 resistance. ADA is currently valued at $0.35, and if the bullish scenario falters, the sideways trend may persist.
Analysis of ADA Indicators
Looking at the daily chart, Cardano is trading above the 21-day SMA support but below the 50-day SMA resistance. As the cryptocurrency resumes its upward trajectory, breaking through these moving average lines will be crucial for its performance.
Technical Indicators
- Key Resistance Zones: $0.80, $0.85, and $0.90
- Key Support Zones: $0.50, $0.45, and $0.40
What’s Next for ADA?
Following the end of bearish momentum on August 5, Cardano has entered a sideways phase, with its price oscillating between $0.30 and $0.40. The current bearish trend is pushing ADA towards its previous low of $0.31. As long as the altcoin retraces and finds support above the $0.30 level, the range-bound movement is expected to persist.
🔥 Closing Thoughts on Cardano’s Price in the Market 📊
Stay tuned for further developments in Cardano’s price action and market performance. Keep an eye on key resistance and support levels to gauge potential price movements and make informed decisions about your ADA holdings. Remember, cryptocurrency markets are volatile, so always do your research and stay updated with the latest trends.
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