The price of Cardano (ADA) has fallen below its moving average for the third time. Cardano price analysis by Coinidol.com.
Long-term forecast for the Cardano price: bearish
The altcoin has fallen again after reaching a high of $0.61 on January 11, 2024. During the last decline, the altcoin reached a low of $0.46 on January 8. The altcoin is currently worth $0.52 but could fall further as it is trading in a downtrend. If buyers fail to keep the price above the moving average lines, selling pressure will increase again.
Cardano will first drop to its previous low above the $0.46 support. If the current support holds, the altcoin will be forced to trade in a range. If the current support is broken, the altcoin will fall to a level between $0.41 and $0.38. In the meantime, Cardano is trading slightly below the moving average lines.
Cardano indicator analysis
The cryptocurrency’s price bars have fallen below the moving average lines for the third time as traders continue to struggle with the price. The bears have the upper hand as the cryptocurrency sinks. The 21-day SMA is sloping lower and attempting to fall below the 50-day SMA. This will add to the selling pressure.
Technical indicators
Key resistance zones: $0.50, $0.55, $0.60
Key support zones: $0.30, $0.25, $0.20
What is the next step for Cardano?
Cardano has returned to the downtrend zone and has consolidated above the $0.52 support. Buyers are trying to push the altcoin higher, but the move is being rejected at the 50-day SMA. Since the price dip on January 14, 2024, price action has been restricted by doji candlesticks above the $0.52 support. In other words, Cardano is consolidating above its current support. If the existing support is broken, selling pressure will increase again.
On January 10, Coinidol.com reported that ADA could fall to a low of $0.38 if the bears break support level at $0.47.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.
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- Source: https://coinidol.com/cardano-price-risks-near/
