Cardano Continues Its Slide And Targets The $0.55 Low

Feb 22, 2024 at 05:49 // News
Coin Idol

The price of Cardano (ADA) is trading above the moving average lines but is retreating after encountering resistance at $0.64.

Long-term forecast for Cardano price: bullish

On February 20, the upswing was halted when it reached a high of $0.64. On December 22, 2023, the historical price level was $0.64. Buyers have not yet overcome the recent high, which was reached after the previous peak of $0.68.

Should the bulls break through the $0.64 barrier, the market would rise to highs of $0.68 and $0.70. The current ADA price at the time of writing is $0.59. Currently, the altcoin is falling and this loss could continue above the moving average lines or the $0.55 support. The current uptrend will resume if it retraces above the moving average lines. On the downside, the altcoin will drop to the low of $0.46 if the price falls below the moving average lines.

Analysis of the Cardano indicators

The altcoin is pulling back to the moving average lines. Cardano's uptrend will continue if the price retraces above the moving average lines. However, selling pressure could return if the price falls below the moving average lines. The moving average lines are trending upwards despite the decline.

Technical indicators

Key resistance zones: $0.50, $0.55, $0.60

Key support zones: $0.30, $0.25, $0.20

ADAUSD_(4 -Hour Chart) – FEB.21.jpg

What is the next move for Cardano?

Cardano's rise came to a halt after reaching a high of $0.64 on February 18. The altcoin fell below the moving average lines as buyers failed to sustain their bullish momentum above the recent high. The cryptocurrency value will be forced to fall further as it falls below the moving average lines. The altcoin is expected to drop downwards to a low of $0.55.

ADAUSD_(Daily Chart) – FEB.21.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 Readers should do their research before investing in funds.

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