Cardano Struggles above Current Support as Bears Aim for the $0.32 Low
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) is currently declining and trading in the bearish trend zone as bears aim for the $0.32 low. The negative trend was reversed beneath the moving average lines. The price signal tells us that the slide is likely to go on. At the time of writing, the price of ADA is $0.35. On April 21, Cardano reversed the upward, and the candle body tested the 61.8% Fibonacci retracement line. As a result of the downturn, ADA will fall below $0.32, or the 1.618 Fibonacci extension. The altcoin has reportedly dropped to a low of $0.35, but the bears are having a hard time breaking through this support level.
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 for period 14, Cardano is at level 39. As it continues to fall, Cardano is still in the bearish trend zone. The recent fall has been caused by the price bars being lower than the moving average lines. The oversold area of the market is now under selling pressure. The daily Stochastic is below level 20 at this time. The current slump has reached bearish fatigue.
What Is the Next Move for Cardano (ADA)?
ADA/USD is falling as bears aim for the $0.32 level. The altcoin’s current slide has sent it to a low of $.035, and it is still going downhill. Cardano will draw more buyers in the market’s oversold segment. Cardano is currently correcting upward, however, this will eventually result in a greater fall.
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