Cardano Defies High Rejection, Maintains Above $0.35

Cardano Defies High Rejection, Maintains Above $0.35

Cardano (ADA) is still below the moving average lines and is experiencing bearish momentum, with a potential low of $0.32 if the current support for the cryptocurrency is lost.

Cardano is still below the moving average lines

Cardano (ADA) remains under the moving average lines.

Cardano (ADA) price longstanding forecasts: bearish

Since the price decline on May 8, the digital currency has consistently traded over the $0.35 support. The upward correction has been stopped twice at the 21-day line SMA, indicating further downward movement in the digital currency. ADA is currently worth $0.365 at the time of writing. Selling pressure on Cardano (ADA) will increase once $0.35 support is breached and downward momentum persists. The present support has not been breached since March 28. ADA /USD will reach a low of $0.32 if the present support for the digital currency is lost. The crypto altcoin has been trading over the $0.35 support during the previous two weeks. 

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Cardano (ADA) indicator analysis

Cardano (ADA) is at level 43 of the Relative Strength Index for the period 14. Owing to the past few consolidation, the RSI has not changed. As long as the price of ADA is in the bearish tendency zone, it is very likely decline. The price bars are below the price bars, which increases the selling pressure. Cardano (ADA) is experiencing bearish momentum below the Stochastic daily value of 50.

Technical indicators

Key resistance zones: $1.00, $1.20, $1.40

Key support zones: $0.60, $0.40, $0.20

What is the following move for Cardano?

Cardano (ADA) is still in a downtrend and could fall further if selling pressure picks up. The crypto altcoin is moving over the present support and resisting the uptrend for the Second time. The cryptocurrency’s price is moving in a tight range betwixt the $0.35 support and the 21-day moving average.

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Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digital currency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.

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