Cardano Steadily Targets a Bottom Price of $0.30

Cardano’s (ADA) price is declining and approaching the bottom of the chart.

ADA rice long-term forecast: bearish

The cryptocurrency has already broken the November 21 price threshold of $0.38. The price retested the $0.38 barrier before falling to a low of $0.35. On the downside, if bearish momentum continues, the altcoin will reach its bottom price of $0.30.

However, although the ADA price has fallen, it is currently consolidating above the $0.35 support. On the upside, the altcoin will resume its bullish trend if buyers keep the price above the moving average lines. Meanwhile, the formation of Doji candlesticks has delayed price movement. Cardano is currently trading at $0.358.

Technical Indicators

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  Key Resistance Zones: $1.20, $1.30, and $1.40

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  Key Support Zones: $0.90, $0.80, and $0.70

ADA price indicator analysis

The price bars have dropped back below the 21-day SMA after briefly rising above it. Price bars below the moving average lines indicate a decline in the cryptocurrency.

On the 4-hour chart, the price bars have remained below the downward-sloping moving average lines. The altcoin is now trading at the bottom of the chart.

What is the next move for ADA?

Cardano is returning to the bottom of the chart. Since December 18, the altcoin has traded above the $0.35 support and below the $0.38 high.

Today, the ADA price remains above the $0.35 support level as it approaches the moving average lines. However, selling pressure will resume if the altcoin moves away from the moving average lines and falls below $0.35. support level.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.