Coinidol.com: Cardano Remains above Its $0.25 Bottom Price

Cardano's (ADA) price has begun to decline as buyers failed to maintain it above the 21-day SMA.

ADA price long-term forecast: bearish

The cryptocurrency is expected to revisit its previous low of $0.22. Since February 6, as Coinidol.com reported, the price has rebounded above the $0.24 support and moved sideways below the 21-day SMA. In other words, the cryptocurrency price has remained rangebound above the $0.24 support but below the 21-day SMA.

Today, Cardano is falling towards the $0.24 support. The price is trading at the bottom of its chart, and ADA has entered the market's oversold region. If the current support is breached, the decline will likely continue to $0.22, its previous low. However, the altcoin may rise if buyers enter the oversold market. ADA is currently at $0.257.

Technical Indicator

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

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

ADA price indicators analysis

The 21-day and 50-day SMAs have resumed their downward trend. The 21-day SMA acts as the resistance line for the price bars. The Doji candlestick, with its small body and indecisive nature, dominates the price action. The small-bodied and uncertain candlesticks have kept the price action rangebound. Since the downtrend ended on February 5, the moving average lines on the 4-hour chart have been horizontal.

What is the next move for ADA?

ADA has been trading sideways since February 5 on the 4-hour chart. The price is trading above the $0.25 support level but below the moving average lines or resistance at $0.30. The cryptocurrency price went below the moving average lines, retested them, and continued its downward trend. The selling pressure has eased after reaching a low of $0.255.

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.