Cardano (ADA) Price Analysis: Will the Downtrend Continue?
The price of Cardano (ADA) has returned to its previous level of $0.23 after gradually rising above the $0.23 support during a downtrend on August 17. However, the altcoin encountered rejection at $0.28, leading to a temporary upward correction. Currently, the existing support at $0.23 is being defended by buyers since the September 11 price drop. The 21-day line SMA at $0.25 is acting as resistance and limiting the price from going higher. If the bears break the $0.23 support, it is predicted that Cardano will continue to fall and reach its previous low of $0.20.
Cardano Indicator Analysis
Cardano is currently in a bearish trend zone and may continue to fall until it reaches its previous low. The Relative Strength Index (RSI) for the 14-period is at 39, indicating a negative momentum. The moving average lines are positioned above the price bars, preventing the crypto from rising further. On a daily basis, the stochastic level is below 50, suggesting that the negative momentum has halted.
Technical Indicators
Key resistance zones for Cardano are at $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10.
What’s Next for Cardano?
Cardano is currently approaching its recent low of $0.23 and is moving within a narrow range between $0.23 and $0.25. The bears are in control as they attempt to break the current support level. If they succeed, the downtrend will continue. However, if the price recovers, it could mark the beginning of a new uptrend, with potential to surpass the previous high at $0.28.
Last week, it was reported that Cardano is falling fast and approaching its previous low of $0.23. The recent price range of $0.25 to $0.28 was breached as selling pressure intensified.
Hot Take: Cardano’s Future Hangs in the Balance
Cardano’s price has returned to its previous level after encountering resistance at $0.28. Currently, the altcoin is defending its support at $0.23, but if this level is broken by the bears, further downward movement can be expected. On the other hand, a recovery could signal the start of a new uptrend for Cardano. Traders and investors should closely monitor the price action and key support levels to determine Cardano’s next move.
By
By
By
By
By