Cardano Declines Sharply as It Hovers above $0.24
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) has plummeted to the bottom of the chart as it hovers above $0.24. The cryptocurrency’s price breached the current support level of $0.30 and fell to a new low of $0.24. The bearish momentum has broken through and surpassed the previous low. The previous low is the historical price level of December 29, 2022. The altcoin is currently trading at $0.26 at the time of writing. On the plus side, reclaiming the $0.30 high will carry the bullish momentum to the previous high of $0.40. If the altcoin is rejected at its current high of $0.30, it will fall even further. ADA will reach a low of $0.22. In the meantime, ADA is testing its previous low of $0.24.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.45, $0.40, $0.35
Cardano (ADA) Indicator Analysis
Cardano has resumed selling pressure as it reaches level 37 on the Relative Strength Index for period 14. The cryptocurrency’s price may continue to decline because it is in a bearish trend zone. The moving average lines are below the price bars, which suggest that the price of the cryptocurrency will keep falling. Cardano is displaying signs of bearish momentum below the daily Stochastic level of 25.
What Is the Next Move for Cardano (ADA)?
Cardano has declined to the previous price level of December 29, 2022 as it hovers above $0.24. The altcoin has risen back above the previously broken $0.24 price level. The altcoin’s price fluctuates right now between $0.24 and $0.26.
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