Cardano Struggles Above $0.57 as Bears Try to Sink It

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA)’s surge has ended at the $0.80 barrier level as bears try to sink it. The cryptocurrency is in decline below the moving average lines but above the $0.57 support level. In an attempt to sink the coin, bears have twice tested the current support level of $0.57. The price signal suggests that the cryptocurrency will continue to decrease.

When the price of ADA fell on March 20, it corrected higher, with a candle body testing the 61.8% Fibonacci retracement line. According to the correction, Cardano will fall to $0.42, or level 1.618 of the Fibonacci extension. According to price behavior, if the ADA price falls below the present support level of $0.57, it is projected to drop to $0.42.

Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.25, $0.20, $0.15

Cardano (ADA) Indicator Analysis
Following the current downturn, the price bars have dropped below the moving average lines. Additionally, the altcoin has a bearish crossing. That is, the 21-day SMA has crossed below the 50-day SMA, indicating that traders should place short orders. On the 4-hour chart, the moving average lines are pointing downward.

What Is the Next Move for Cardano (ADA)?
Cardano is losing value above the $0.57 support as bears try to sink it. On the 4-hour chart, the cryptocurrency price resumed its upward trajectory, testing and surpassing the 21-day SMA barrier. The cryptocurrency signal will remain optimistic if the 21-day SMA support remains and the bullish momentum continues.

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