Cardano (ADA) Price Analysis: Whatβs Next for You?
The price of Cardano (ADA) is currently facing significant selling pressure as the bears have managed to break through the crucial support level of $0.42.
Long-term Forecast: Bearish Outlook
Since April 13, Cardano has been trading within a range of $0.42 to $0.49. However, on June 14, the bears successfully breached the support level, causing the price to plummet to $0.35. If the current support at $0.35 holds, Cardano is likely to trade between $0.35 and $0.49. On the contrary, a further drop below $0.35 could push the price down to $0.24. At the time of writing, Cardano is trading at $0.38.
Analysis of Cardano Indicators
The moving average lines for Cardano are pointing downwards, indicating a bearish trend. The 21-day SMA is acting as a resistance level for the price, suggesting a possible further decline in the near future.
Technical Indicators
- Key Resistance Zones: $0.80, $0.85, and $0.90
- Key Support Zones: $0.50, $0.45, and $0.40
What’s the Next Move for Cardano?
The 4-hour chart for Cardano indicates a potential bottoming out pattern, with the price consolidating near the $0.35 support level. The bears have tested this support level multiple times, indicating strong buying interest at lower prices. Cardano is currently trading in a narrow range between $0.35 and $0.40.
Hot Take: Your Actionable Insights
As a cryptocurrency investor, it is crucial to monitor the price movements and technical indicators of Cardano to make informed decisions. With the bearish outlook and potential support and resistance levels in mind, you can plan your trading strategy accordingly to maximize your gains and minimize risks.
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