Cardano (ADA) Price Analysis: Bearish Forecast and Technical Indicators
The current trading price of Cardano (ADA) is at the bottom of the chart, ranging between $0.24 and $0.30. The altcoin has been in this narrow price range since June 10, with the 21-day line SMA acting as resistance at $0.30. At present, Cardano is trading at $0.27, facing rejection at the previous high and falling again. If the price drops below the current support of $0.24, it will fall back to the previous low of $0.22. However, if it stays above the support, the movement will continue within the range until it rises above the moving average lines.
Technical indicators show that Cardano is still in the downtrend zone, with a Relative Strength Index of 14th percentile. The moving average lines are below the price bars, and the 21-day line SMA is holding back the price bars. Cardano is also trading in the oversold zone, indicating bearish exhaustion. Key resistance zones are at $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10.
Currently, Cardano is in an oversold market and trying to break the existing support level. Although it dropped below $0.24, the altcoin is showing signs of picking up steam and climbing back to its previous highs. Coinidol.com reported that the cryptocurrency fell to a low of $0.22 but bounced back above the $0.25 support, indicating eased selling pressure.
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