The Price of Cardano (ADA) is Slightly Declining
Currently, the price of Cardano (ADA) is showing a minor downward trend as it moves in a sideways pattern. Here is an analysis of the price movement and indicators to give you an overview of what to expect in the coming days:
Long-Term Forecast: Ranging Movement
The resistance level at $0.49 and the moving average lines have caused the price of ADA to slow down its uptrend. On June 7, ADA was rejected at the $0.49 resistance level, leading to a drop below the moving average lines. Since then, the price has been fluctuating between $0.42 and $0.49, with the downward movement being held above the $0.42 level since June 11.
- If the current support level remains intact, expect continued sideways movement in the downtrend area.
- Buyers are likely to defend the moving average lines to prevent a further drop, but a break below the current support could push the price back to $0.40.
- It’s worth noting that ADA has not dropped below $0.40 since the significant plunge on April 12.
Cardano Indicators Analysis
In the past week, the ADA price bars have been lingering below the moving average lines, indicating bearish pressure on the cryptocurrency. The daily chart shows a bearish crossover with the 21-day SMA below the 50-day SMA, suggesting a potential further decline as Cardano remains in a bearish trend zone.
Technical Indicators
- Key Resistance Zones: $0.80, $0.85, and $0.90
- Key Support Zones: $0.50, $0.45, and $0.40
What Lies Ahead for Cardano?
Looking at the 4-hour chart, Cardano has experienced multiple rejections at the lower price range, struggling to stay above the support level. The current price is hovering around $0.42, below the moving average lines, indicating a potential price movement within a narrow range in the near future.
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