Cardano Slides to Its Prior Low of $0.23 to Begin a New Range
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) has broken out of its current range as it slides to its prior low of $0.23 . On August 17, the bulls pulled back to begin a range-bound move between $0.25 and $0.27 price levels. The bears have overpowered the bulls, breaking through the range to reach the previous low of $0.23. After a brief dip, the altcoin is now trading at $0.24.
The resistance at $0.25 and the 21-day SMA have halted the upward movement. However, if the current resistance levels are breached, the coin will surge to a high of $0.27. Nonetheless, if the present support level is breached, the ADA/USD may fall even more.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15
Cardano (ADA) Indicator Analysis
Cardano is reversing upward after reaching the market’s oversold zone. The coin is at the Relative Strength Index period 14 level 37. The altcoin is likely to encounter resistance at $0.25 or be forced to trade sideways. The altcoin is rising over level 60 of the daily Stochastic. ADA is approaching an overbought condition, which could lead to another slump.
What Is the Next Move for Cardano (ADA)?
The cryptocurrency asset slides back to its prior low of $0.23 to begin a new range . The increasing trend was stalled at the $0.25 high. In addition, if the current support holds, ADA/USD would trade between $0.23 and $0.25. The Doji candlesticks limit the cryptocurrency’s price volatility.
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
