Cardano Faces Rejection at $0.43 as It May Decline to $0.36
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) is in a downward move as it may decline to $0.36. The cryptocurrency asset recovered on October 25 and reached a high of $0.41 after breaking over the 21-day line SMA. Cardano is currently trading above the SMA’s 21-day line but below the 50-day line. The upward correction is hindered at the $0.41 resistance.
On the plus side, if ADA recovers above the 50-day line SMA, it will soar above the moving average lines. The upward momentum might resume. The altcoin will likely be pushed by buyers to retest the overhead barrier at $0.60. In contrast, ADA/USD will be forced to move in a range between the moving average lines if the cryptocurrency fails to recover above them. At the time of writing, the price of ADA has fallen to $0.4.
Cardano (ADA) Indicator Analysis
Due to the most recent price increase, Cardano is at level 47 of the Relative Strength Index for period 14. The crypto is in a bearish trend zone and may decline. The present falling trend has achieved bearish exhaustion. Cardano’s daily stochastic is below the 20% range. Buyers are expected to emerge in the oversold region.
Technical indicators:
Major supply zones: $1.0, $1..05, $1.10
Major demand zones: $0.45, $0.40, $0.35
What Is the Next Move for Cardano (ADA)?
Cardano bounced back to its former highs but may decline to $0.36. The crypto’s price rose to a peak of $0.43 before declining. Meanwhile, on October 26 downtrend, ADA corrected upward and a candle body tested the 38.2% Fibonacci retracement level. The correction indicates that ADA will fall to level 2.618 Fibonacci extension or $0.36.
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