Cardano Is In A Downtrend As It Attracts Buyers At Lower Price Levels

Oct 11, 2022 at 09:17 // Price
Coin Idol
Cardano will be deep in the oversold zone of the market

The price of Cardano (ADA) resumed selling pressure after falling below the $0.40 support. The cryptocurrency fell to the low of $0.38 as bulls bought the dips.

Cardano price long-term forecasts: bearish

The altcoin is likely to fall further to the lows of $0.36 and $0.33. Cardano will be deep in the oversold zone of the market. At the lower price levels, buyers will be attracted to push the altcoin up. Today, Cardano is still hovering above the $0.38 support for a possible decline.

Cardano indicator analysis

Cardano has fallen into oversold territory as the Relative Strength Index (RSI) for period 14 is at level 31. The RSI will continue to decline if selling pressure continues. This is confirmed by another price indicator that is below the 20% area of the daily stochastic. Cardano can rise, and a rebound will catapult the altcoin above the moving average lines. 

ADAUSD(Daily Chart) - October 11.png

Technical Indicators 

Key resistance zones: $0.60, $0.70, $0.80

Key support zones: $0.50, $0.40, $0.30

What is the next move for Cardano?

The price of Cardano will likely continue to fall if it breaks below the current support. On September 21, the price of Cardano corrected upwards and the candlestick tested the 50% Fibonacci retracement level. The correction indicates that ADA will fall to the 2.0 Fibonacci extension level or $0.36.

ADAUSD(Daily Chart 2) - October 11.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.

Show comments(0 comments)