Cardano's Upward Correction Is Thwarted As It Hits $0.37 Low Again

Nov 02, 2022 at 11:40 // Price
Coin Idol
Cardano is in a downtrend

Cardano (ADA) is in a downtrend, but buyers have been trying to keep the price above the moving average lines. The uptrend was rejected at the $0.44 resistance.

Cardano price Long-term forecasts: bearish

The cryptocurrency is currently falling downwards and could reach a low of $0.37. The upward correction is hindered by the $0.44 resistance. However, if ADA rises above the 50-day line SMA, it will rise above the moving average lines. Upside momentum could resume. ADA will likely be driven by buyers to retest the upper barrier at $0.60. In contrast, ADA /USD will be forced to trade in a range between the moving average lines if it fails to move above them. Cardano could fall to a low of $0.37 after a few days of sideways movement.

Cardano indicator analysis

Cardano is at level 48 on the Relative Strength Index for the 14 period due to the recent decline. There is a possibility of sideways movement between the moving average lines as the price bars are between them. Cardano has fallen below the 20% area of the daily stochastic. This is a sign of bearish exhaustion.

ADAUSD(Daily Chart) - November 2.png

Technical Indicators 

Key resistance zones: $1.00, $1.20, $1.40

Key support zones: $0.60, $0.40, $0.20

What is the next move for Cardano?

Cardano has fallen below the moving average lines on the 4-hour chart. At the time of writing, the price of ADA has fallen to a record low of $0.39. During the price drop on October 31, ADA turned up and a candlestick tested the 50% Fibonacci retracement level. The correction predicts that ADA will fall to the Fibonacci extension level 2.0 or $0.37.

ADAUSD(4 Hour Chart) - November 2.png

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.

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