Cardano Risks Drop below $0.30 as Selling Pressure Resumes

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) price is trading in the bullish trend zone and above the moving average lines as selling pressure resumes. The price bars, however, are falling below the 21-day moving average line. Once the 21-day support is brpoken, the crypto will continue selling pressure. To begin, bearish momentum will extend to a low above the 50-day SMA.

When the 50-day SMA support is breached, the decline will continue. ADA made an upward correction on July 18 downtrend and a retraced candle body tested the 61.8% Fibonacci retracement line. According to the correction, ADA will fall to the 1.618 Fibonacci extension level, or $0.26. Meanwhile, the cryptocurrency continues to fall between the moving average lines.

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, Cardano is in the positive trend zone for period 14. The drop will send the altcoin into a bearish trend zone. The altcoin is sliding between the moving average lines, which might force it to fall further or resume its sideways movement. The altcoin is in a negative trend below the daily Stochastic level of 50. The bearish momentum has been slipping marginally.

What Is the Next Move for Cardano (ADA)?
Cardano faces  rejection at the top of $0.32 as selling pressure resumes.The altcoin has been trading above the $0.30 support for the past week. Because of the presence of the Doji, the price movement has been modest. When the current support at $0.30 is breached on the 4-hour chart, the altcoin will trend.

You can purchase crypto coins here. Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results