Cardano’s Value Decreases as It Reverts to Its Existing Support at $0.24

Cardano (ADA) Price Long-Term Forecast: Bearish
The price of Cardano (ADA) is falling below the moving average lines as it reverts to its existing support at $0.24. Buyers made four futile attempts to get through the $0.27 barrier before the slide was necessary. Earlier, the price of Cardano fluctuated between $0.24 and $0.27. ADA is currently falling as it approaches the lower price level for $0.24.

Cardano will start its range-bound move each time it lowers and finds support above the present support. On the downside, the market will drop and retrace its steps to the previous low at $0.23 if the bears manage to break through the existing support. The selling pressure is currently at a low of $0.248. The projected low point of the current fall is $0.24.

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

Cardano (ADA) Indicator Analysis
Cardano is currently falling since the price bars have returned below the moving average lines. When the cryptocurrency is in the bearish trend zone, it will fall. The altcoin is currently trading in the oversold area, which indicates that the selling pressure will ease as buyers start to show up in the area.

What Is the Next Move for Cardano (ADA)?
Cardano is depreciating as it reverts to its existing support at $0.24. The altcoin is losing value since buyers were unable to create a bullish trend above the resistance at $0.27. The current price range will continue to apply if the altcoin declines and finds support above the lower price range. The chart currently shows cryptocurrencies at the bottom.

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