Cryptocurrency Analysts Report Cardano (ADA) Falling and Returning to Historical Price Level
The price of Cardano (ADA) has fallen to a low of $0.26 before recovering and has reached the historical price level of June 10. The current support level for ADA is the oversold area of the market, indicating that it is unlikely to fall further. Buyers need to keep the price above $0.30 for ADA to resume its uptrend, which could continue to reach a high of $0.38. Currently, the price of Cardano is fluctuating between $0.26 and $0.30.
Cardano Indicator Analysis
Cardano has recovered from its recent decline at Relative Strength Index Period 14 Level 32. The market is encountering bearish exhaustion as the price bars are below the moving average lines. The altcoin is rising above the 25 level of the daily stochastic and has already entered the oversold zone of the market.
Technical Indicators
- Key resistance zones: $0.30, $0.35, $0.40
- Key support zones: $0.20, $0.15, $0.10
What is the Next Move for Cardano?
Cardano has reached bearish exhaustion on the 4-hour chart and has entered an oversold area with a low of $0.265. The altcoin has been trading above this level since June 10, finding support and correcting higher. However, it is encountering resistance at the $0.30 high. If buyers surpass this level, the ADA price could rise to $0.31.
Hot Take: Cardano’s price has fallen and returned to the historical price level, indicating a potential uptrend if buyers can keep the price above $0.30. Technical indicators suggest bearish exhaustion, but resistance at the $0.30 high may pose a challenge. Overall, the next move for Cardano remains uncertain, but there is potential for a rise to $0.31 if the recent high is surpassed.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.