Cardano Price Falls Significantly But Could Drop Further To $0.74
The price of Cardano (ADA) is in a downtrend as the price has dropped below the current support.
Cardano (ADA) Price Long-Term Forecast: Bearish
Since April 11, Cardano price has held above the $0.91 support before it was breached. The market has retraced slightly to the low of $0.81 as bulls have bought the dips.
However, it is likely that the current upside move will be rejected at the high of $0.90. However, if the price of ADA fails at the recent high, the market will continue to fall to the lows of $0.78 and $0.74. If the current support holds against it, ADA /USD will be forced into a trading range between $0.81 and $1.26. Meanwhile, ADA is trading at $0.85 as of press time.
Cardano (ADA) Indicator Analysis
Cardano is at level 32 of the Relative Strength Index for period 14. The altcoin has fallen into the oversold territory of the market. Cardano is considered oversold when the RSI reaches the level of 30. This means that the current downtrend is likely to end when buyers appear in the oversold region. Cardano is below the 20% area of the daily stochastic. The market is trading in the oversold region of the market. ADA is likely to rise. Price bars are below the moving averages as the altcoin continues to fall. The 21-day line SMA and the 50-day line SMA are sloping downward, indicating a downtrend.
Key resistance zones: $3.00, $3.50, $4.00
Key support zones: $2.50, $2.00, $1.50
What is the next move for Cardano (ADA)?
Cardano is in a downtrend and has dropped significantly. It is moving above support at $0.81. Meanwhile, the downtrend has shown a candlestick on April 12, testing the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall but reverse at the 1.272 Fibonacci extension level or $0.82.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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