Cardano Continues Bearish Run, May Decline to $1.90 Low
Oct 20, 2021 at 10:30 //
NewsCardano (ADA) has dropped below the 21-day moving average line, indicating a possible downward move for the cryptocurrency. Today, Cardano has fallen to a low of $2.10 and is approaching the previous low of $1.90.
Support at $1.90 is the historical price level from August 18. The historical price level has not been breached by sellers as the market continues its downward movement.
Currently, the cryptocurrency is trading in a range between $1.90 and $2.30. Today, the altcoin is falling to retest the previous low at $1.90. If the previous low holds, Cardano will continue its movement in a limited range for a few days. However, if the price breaks the previous low, the downward movement could continue. The bearish scenario is unlikely.
Cardano indicator analysis
The price of the cryptocurrency has fallen below the moving averages, indicating a possible decline in the cryptocurrency. Cardano has fallen to the level 41 of the Relative Strength Index of the period 14. The altcoin is trading in the downtrend zone and below the 50 midline. Cardano is below the 40% area of the daily stochastic. The market is in a bearish momentum, but the stochastic band is inclined horizontally.
Technical Indicators:
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?
Cardano's share price is in a downtrend. The 21-day moving average line is acting as resistance for Cardano's price. Meanwhile, on October 17, the downtrend tested the 61.8% Fibonacci retracement level. The retracement suggests that ADA will fall to the Fibonacci extension level of 1.618 or the low of $1.99.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow