Cardano (ADA) has fallen to the low of $2.02 at the time of writing. The price could resume its downward movement if it breaks below the $1.91 support.
Nonetheless, buyers are trying to push the price higher to retest the resistance at $2.40. For example, when the cryptocurrency was trading at $2.45, buyers wanted to keep the price of ADA above the $2.40 resistance level. However, they failed to do so as the altcoin was rejected at the recent high. ADA/USD is in an uptrend as altcoin continues its downward correction below the moving averages. The downtrend will resume if ADA loses support at $1.91.
Cardano is at level 42 of the Relative Strength Index for period 14, indicating that the market is in the downtrend zone and below the midline 50. It also indicates that the altcoin is capable of falling downwards. ADA is currently above the 25% area on the daily stochastic. The market is in a bullish momentum, but it is contradictory to the downtrend.
Key Resistance Zones: $2.00, $2.50, $3.00
Key Support Zones: $1.50, $1.00, $0.50
Cardano is in a downward correction as the price fluctuates between $1.90 and $2.40. The price has indicated another downward move for the altcoin. Meanwhile, on September 7, the downtrend showed a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that ADA will fall to the 2.0 Fibonacci extension level or the $0.96 level.
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.