Cardano Consolidates Above $0.34 As Sellers Threaten Short Selling

Mar 15, 2023 at 13:30 // Price
Coin Idol
Cardano is in the bearish zone as it trades between $0.30 and $0.34

The price of Cardano (ADA) is correcting higher, but the price movement has stalled near the 21-day moving average line.

Cardano price long-term forecasts: bearish

At the time of writing, the cryptocurrency is trading for $0.34. Buyers' attempts to keep the price above the moving average lines are facing strong resistance. If the buyers manage to overcome the moving average lines, Cardano will rise once again and regain its previous high of $0.42. However, the price level may fall if ADA is rejected at the recent high. ADA will fall above the support level of $0.30. If the current support level is breached, the price will come under further selling pressure until it falls to a low of $0.22. The altcoin is currently regaining strength above the $0.34 support level.

Cardano indicator analysis

Cardano remains in the downtrend zone despite the upside retracement. It is at the 48 level of the Relative Strength Index for the 14 period. The altcoin could fall even further. The price of ADA is moving below the daily Stochastic level of 40. The price bars of the cryptocurrency are below their moving average lines, which could lead to a crash.

ADAUSD(Daily Chart) - March 15.23.jpg

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 is in the bearish zone as it trades between $0.30 and $0.34. The decline could continue if the upward correction is unsuccessful. Price action has stalled due to doji candlesticks, small uncertain candlesticks.

ADAUSD( 4 Hour Chart) - March 15.23.jpg

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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