Cardano Price Analysis*
The recent movement in the Cardano (ADA) price has seen a decline below the moving average lines. Here is a breakdown of the analysis for the cryptocurrency:
Bearish Long Term Forecast for Cardano Price
- In the previous market activity, Cardano moved above the $0.35 support level but remained below the moving averages.
- After a rise on July 1, the price was stuck between the moving average lines.
- The uptrend was short-lived as it faced resistance at the 50-day moving average line.
- Bearish momentum broke through the 21-day SMA, leading to a low of $0.31 before a correction upwards.
- Expectations are for further decline with potential lows at $29 and $25, currently trading at $0.35.
Analysis of Cardano Indicators
- The trading range for Cardano has broken down with moving average lines trending downwards.
- An extended candlestick tail after a pullback suggests strong buying at the $31 support level.
Technical Indicators
- Key resistance zones: $0.80, $0.85, and $0.90.
- Key support zones: $0.50, $0.45, and $0.40.
Future Directions for Cardano
- Cardano has dropped below moving average lines and touched oversold levels.
- On the 4-hour chart, the altcoin hit a low of $0.31 and is now range-bound above the current support.
- An upward move to $0.35 faces resistance, with selling pressure expected to continue.
Hot Take: What Lies Ahead for Cardano*
As Cardano navigates a bearish long-term forecast and downward trend in moving average lines, the future remains uncertain for the cryptocurrency. Will it find strong support at key levels to initiate a reversal or continue facing selling pressure in the market? Crypto traders are closely monitoring these developments to gauge the next move for Cardano.
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