Cardano Falls Further as It Risks Rejection at $0.61
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price has fallen below the moving average lines as it risks rejection at $0.61. The cryptocurrency asset has fallen below the moving average lines after being rejected at the resistance level of $0.61. Today, the altcoin has dropped to a low of $0.53. Nonetheless, when the altcoin goes below the moving average lines, the cryptocurrency is likely to continue its downward trend.
Should selling pressure increase, Polkadot will drop to $0.37. Meanwhile, ADA price is rising in line with the moving averages. Selling pressure will return if it confronts rejection at the moving average lines.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
Following its previous rejection, the cryptocurrency’s price bars have dropped below the moving average lines. This could lead to further downward pressure on ADA costs. Furthermore, the presence of Doji candlesticks has caused sluggish price movements. The moving average lines are drifting lower due to the current decline.
What Is the Next Move for Cardano (ADA)?
The 4-hour chart shows ADA/USD in a sideways trend as it risks rejection at $0.61. The altcoin’s price ranges from $0.50 to $0.60. The ADA price is moving slightly due to the existence of Doji candlesticks.
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