Cardano Loses Value as It Trades below $0.70
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price is currently falling below the 21-day SMA as it trades below $0.70. Since March 4, 2024, the altcoin has been in a sideways trend below the resistance level of $0.80. Buyers have been unable to maintain bullish momentum above the $0.80 high during the last two weeks. On March 14, the altcoin encountered opposition and was repelled.
The negative momentum has broken below the break-out level of $0.68 and the 21-day SMA. Today, the ADA price has dropped to a low of $0.66. ADA/USD is anticipated to fall further, reaching a low of $0.60. In other words, the ADA price will fall above the 50-day SMA, or $0.60 low. Meanwhile, the cryptocurrency is locked between 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
The ADA price is constrained to the moving average lines. For the past three days, the cryptocurrency price has fluctuated between the moving average lines. Neither the bulls nor the bears broke the moving average lines. For example, if the bears breach the 50-day SMA, the cryptocurrency will restart its downward trend.
What Is the Next Move for Cardano (ADA)?
Cardano’s price is declining but is caught between the moving average lines as it trades below $0.70. On the March 15 fall, the ADA price staged an upward reversal, and a retraced candle body tested the 61.8% Fibonacci level. The upward correction means that Cardano will fall to the 1.618 Fibonacci extension, or $0.59. In other words, the cryptocurrency signal remains unfavorable.
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