Cardano Enters Oversold Area As It Revisits Previous Low of $0.33
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) price is falling below the moving average lines as it revisits previous low of $0.33 . The bears have broken below the lower price range in order to keep the selling pressure up. In the most recent price movement, ADA fluctuated between $0.35 and $38. On the negative, the price of ADA will fall to a low of $0.33. Based on the price indication, Cardano corrected upward, and a candle body tested the 61.8% Fibonacci retracement line. The correction predicts that the price of ADA will fall to $0.33, or the 1.618 Fibonacci extension.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.45, $0.40, $0.35
Cardano (ADA) Indicator Analysis
Cardano has resumed selling pressure as it reaches level 37 on the Relative Strength Index for period 14. The cryptocurrency is in a bearish trend zone and may drop further. The moving average lines are below the price bars, which suggests that the price of the cryptocurrency will keep falling. Bearish momentum is seen in Cardano below the daily Stochastic level of 25.
What Is the Next Move for Cardano (ADA)?
The selling pressure has resumed as Cardano revisits previous low of $0.33. The altcoin market has entered the oversold territory. Long candlestick patterns showing aggressive buying at lower price levels hint to the current support.
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