Cardano (ADA) Price Analysis: Bearish Long-Term Forecasts
The latest price analysis indicates that Cardano (ADA) is experiencing a decline below the moving average lines. The cryptocurrency’s value has fallen outside the range it was previously trading in, after facing strong rejection at $0.265. Currently, ADA is trading around $0.246, with previous price action ranging between $0.24 and $0.27.
The bears are aiming to break the lower price range to the downside. If they manage to break the $0.24 support, ADA may drop even further to its previous low of $0.235 or $0.236. However, if the current downtrend ends above the $0.24 support, the altcoin is expected to recover and continue trading within the range, currently above the $0.246 support.
Cardano Indicator Analysis
The moving average lines are positioned below the price bars, indicating a bearish trend zone for Cardano. When the cryptocurrency’s price is below these moving average lines, it tends to experience declines. However, as the market enters an oversold zone, selling pressure decreases.
Technical Indicators
Key resistance zones for ADA include $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?
An analysis of Cardano’s 4-hour chart suggests that its price is currently declining but may turn around at the 1.272 Fibonacci extension level or $0.244. Recent price movement shows Cardano dropping to a low of $0.245 before rebounding and currently trading at $0.248. The cryptocurrency seems to be range-bound once again.
On October 2, Cardano reached a high of $0.27 but encountered resistance and faced overbought conditions near this recent high.
Hot Take: Cardano Faces Bearish Outlook in Long-Term Forecasts
Cardano’s recent price analysis reveals a bearish outlook for the cryptocurrency. With a decline below the moving average lines, ADA is facing the possibility of breaking the lower price range and dropping further. However, if the current downtrend ends above the $0.24 support, Cardano may recover and continue trading within its previous range. Technical indicators also indicate a bearish trend zone for ADA. It remains to be seen whether Cardano can overcome these challenges and regain its bullish momentum.
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