Cardano Loses Crucial Support As It May Slide To $0.36 Low
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price is in a downward move as it may slide to $0.36 low. The altcoin has declined to the low of $0.38 after breaking the previous support. ADA is likely to further decline to the low of $0.36. However, Cardano has reached the oversold region of the market. The downtrend may subside. There is a formation of bullish candlesticks above the $0.39 support. On the upside, if ADA rebounds above the current support, the crypto will rally above the moving average lines. The upside momentum may resume. The downward correction may resume if the altcoin fails to rebound.
Cardano (ADA) Indicator Analysis
Because of the recent decline, Cardano is at level 29 of the Relative Strength Index for period 14. The current downtrend has reached bearish exhaustion. The altcoin is below the 20% range of the daily Stochastic. The cryptocurrency is oversold as we expect buyers to emerge in the oversold region.
Technical indicators:
Major supply zones: $1.0, $1..05, $1.10
Major demand zones: $0.45, $0.40, $0.35
What Is the Next Move for Cardano (ADA)?
Cardano’s price is in a downward move as it may slide to $0.36 low. According to the Fibonacci tool analysis, ADA will further decline to the low of $0.36. From the price action, Cardano has reached the low of $0.38 and may further decline.
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