Cardano (ADA) Price Forecast: A Bearish Outlook
Cardano’s price has once again fallen below the moving average lines, signaling a bearish trend ahead.
Price Analysis
On July 13, buyers tried to maintain a positive trend by keeping the price above the moving average lines. However, the price of Cardano struggled to surpass the resistance zone of $0.46 for over a week.
Cardano faced a setback on July 22 and dropped below the moving average lines, indicating a resumption of selling pressure after a brief upward correction. If ADA remains below the moving average lines, it is likely to experience further price drops, with indicators suggesting a potential decline to $0.338.
ADA Indicator Analysis
Following the recent decline, Cardano’s price bars are now positioned below the moving average lines. The moving average lines have been relatively flat since April 13, with the altcoin showing a downward trend and approaching the previous low of $0.31.
Technical Indicators
Key Resistance Zones: $0.80, $0.85, and $0.90
Key Support Zones: $0.50, $0.45, and $0.40
What’s Next for Cardano?
The 4-hour chart indicates a steady decline in Cardano’s price, with selling pressure easing after reaching a low of $0.368. This retracement suggests that ADA may be on track for further downward movement.
According to predictions, Cardano could drop even lower to reach $0.338, with the cryptocurrency signal remaining negative in the short term.
Hot Take: Key Points to Consider
As Cardano’s price falls below the moving average lines once again, a bearish outlook is on the horizon. Traders and investors should closely monitor key support and resistance levels for potential trading opportunities in the coming days.
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