Cardano Hits a Low of $0.40 and Can Rebound
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano’s (ADA) price has continued to fall below the moving average lines, reaching a low of $0.40, and can rebound. The altcoin has returned to its prior low of $0.40 on June 17. The cryptocurrency asset has reached the market’s oversold level. Further downward movement of the coin is unlikely. Cardano is expected to fall to a low of $0.394 before rebounding. Since April 13, bulls have been defending the current support level of $0.40. ADA/USD is currently trading at $0.4046.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.50, $0.45, $0.40
What Is the Next Move for Cardano (ADA)?
The 21-day SMA fell below the 50-day SMA as the altcoin hit its prior low of $0.40.The horizontal moving average lines are sliding southward, indicating a downtrend. Price movement has been modest due to the existence of Doji candlesticks.
Cardano (ADA) Indicator Analysis
Cardano plummets to its prior low of $0.40 and can rebound. On the 4-hour chart, the altcoin’s price ranges between $0.40 to $0.42. As it approaches $0.40, the cryptocurrency may undergo a price bounce or breakout. Meanwhile, the cryptocurrency signal remains range-bound, having reached support at $0.40.
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