Cardanoย (ADA) remainsย under the moving average lines.
Cardanoย (ADA) price longstanding forecasts: bearish
Since the price decline on May 8, the digitalย 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 digitalย currency. ADA is currentlyย worth $0.365 at the time of writing. Selling pressure on Cardanoย (ADA) will increase once $0.35 support is breached and downward momentum persists. Theย present support has not been breached since March 28. ADA /USD will reach a low of $0.32 if theย present support for the digitalย currency is lost. The cryptoย altcoin has been trading over the $0.35 support duringย theย previous two weeks.ย
Cardanoย (ADA) indicator analysis
Cardanoย (ADA) is at level 43 of the Relative Strength Index for the period 14. Owingย to theย pastย few consolidation, the RSI has not changed. As long as the price of ADA is in the bearish tendency zone, it isย veryย likely decline. The price bars are below the price bars, which increases the selling pressure. Cardanoย (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 theย following move for Cardano?
Cardanoย (ADA) isย still in a downtrend and could fall further if selling pressure picks up. The cryptoย altcoin is moving over theย present support and resisting the uptrend for the Second time. The cryptocurrencyโs price is moving in a tight range betwixt the $0.35 support and the 21-day moving average.
Disclaimer.ย This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digitalย 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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