Cardano Loses Its $0.31 Support as Sellers Target the $0.23 Low

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) is losing value as sellers target the $0.23 low. Since December 19, the cryptocurrency asset has continued to trade above the $0.24 level of support. The $0.31 support level has been broken by the bearish momentum after holding since November 9. Cardano’s breakdown of the $0.31 support increases the likelihood of further decline. The current decline is likely to be brief as the market approaches oversold territory. If Cardano loses its current support, its price will fall to $0.12. The cryptocurrency asset will be constrained to move in a range if the $0.24 support holds.

Cardano (ADA) Indicator Analysis
Cardano has fallen to level 25 of the Relative Strength Index for period 14. Cardano may have been oversold, according to price indicator. It may soon become easier to sell. The moving average lines are below the price bars, which suggest that the price will keep falling. The daily stochastic level of 20 is also being traded below by the altcoin. The market has reached bearish exhaustion.

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)?
Although it is still in decline, Cardano is currently trading at a low price as sellers target the $0.23 low. The candle body tested the Fibonacci retracement level of 61.8% on November 10 as the ADA downtrend reversed. According to the correction, ADA will fall to the 1.618 Fibonacci extension level of $0.23.

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