Cardano's Decline Continues To $0.66

The price of Cardano (ADA) has fallen from a high of $0.93 to a low of $0.72.

ADA price long-term forecasts: bearish

The rise has ended as the price of the cryptocurrency falls below the 21-day SMA support.

Moreover, the selling pressure will extend to the downside above the 50-day SMA support. The price signal also suggests that the cryptocurrency will continue to fall.

On July 24, the ADA price corrected upwards and tested the Fibonacci retracement level with a retracing candlestick body. The retracement means that the ADA price will continue to fall, possibly to the low of $0.66.

The altcoin has been trading in a narrow range between the 50-day SMA support and the 21-day SMA barrier. Today's ADA price stands at $0.72.

ADA indicator analysis

The ADA price has fallen between the two moving average lines. The altcoin is expected to trade in a range between the 50-day SMA support and the 21-day SMA barrier. If the ADA price exceeds the 21-day SMA, it will resume its upward trend. The altcoin is expected to return to its previous high of $0.93. If the 50-day SMA support is lost, the ADA price would fall further. The altcoin will drop to $0.60.

Technical Indicators 

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

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

What is the next move for Cardano?

On the 4-hour chart below, Cardano price has stalled after falling above the $0.70 support but below the $0.76 high or the 21-day SMA barrier. If the current price levels are broken, the ADA price will start a trend. The price of the cryptocurrency will correct upwards towards the 21-day SMA barrier.

Cardano will remain under selling pressure if it falls below the 21-day SMA barrier. ADA price will recover once it rises above the 21-day SMA.

Coinidol.com wrote on July 23 that the price of Cardano reached a high of $0.93. 

Disclaimer. This analysis and forecast are the personal opinions of the author. They are 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.