Cardano Is in a Sideways Fashion but Risks Decline to $0.32

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) is slipping below the moving average lines but risks decline to $0.32. Since the price fall on May 8, the crypto asset has been trading in a sideways fashion. ADA’s cost has varied between $0.35 and $0.38. For the previous two weeks, Cardano has been unable to resume a positive trend. The barriers at $0.38 as well as the 21-day SMA have restrained the upward moves. The cost of ADA is $0.365 at the time of writing. But the present support has persisted for the previous two weeks. Cardano will drop if the $0.35 support is breached and the downward momentum persists. The current support has not been held since March 28. The price signal suggested that the cryptocurrency’s downward trend would continue. Cardano will drop to a low of $0.32 if the $0.35 support is broken.

Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.45, $0.40, $0.35

Cardano (ADA) Indicator Analysis
On the Relative Strength Index for period 14, the cryptocurrency asset is at level 43. As long as the price bars are below the moving average lines, Cardano could fall. The 21-day SMA crossing below the 50-day SMA results in a bearish crossover for Cardano. The price bars are encountering resistance from the 21-day SMA. Below the daily Stochastic level of 50, the altcoin is moving in a bearish direction.

What Is the Next Move for Cardano (ADA)?
Cardano has been moving in a constrained range between $0.35 and $0.38 but risks decline to $0.32. The price indicator predicts that the cryptocurrency asset will go considerably more in a bearish direction. The altcoin is currently trading above the $0.35 support level.

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