Cardano Risks Decline as Buyers Attempt to Keep the Price above $0.46
Aug 31, 2022 at 10:10 //
PriceThe price of Cardano (ADA) is in a downtrend as the price fluctuates below the moving average lines. The cryptocurrency has fallen to the low of $0.42 and is back in an uptrend. ADA has risen to the high of $0.46 as buyers try to keep the price above the moving average lines.
If buyers keep the price above the moving average lines, ADA will rise to the previous high of $0.68. Conversely, if Cardano turns down from the moving average lines, the cryptocurrency will continue to fall to the low of $0.40.
Cardano indicator analysis
ADA is at the 45 level of the Relative Strength Index for the period 14. ADA is in the downtrend zone as it makes an upward correction. The 21-day line SMA and the 50-day line SMA are horizontally inclined, indicating a sideways trend. Cardano is below the 20% area of the daily stochastic. It is trading in the oversold region of the market. Buyers are attracted to the oversold region to drive prices higher.
Technical indicators
Key Resistance Zones: $0.60, $0.70, $0.80
Key Support Zones: $0.50, $0.40, $0.30
What is the next move for Cardano?
Cardano's price is rising as it approaches the moving average lines. The altcoin will regain upward momentum if the price breaks above the moving average lines. ADA will decline if the Fibonacci tool analysis holds. On the weekly chart, a candlestick has tested the 78.6% Fibonacci retracement level on March 21. The retracement suggests that ADA will fall to the 1.272 Fibonacci Extension level or $0.39.
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 in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow