Cardano Falls Back To Its Previous Low Of $0.76

The price of Cardano (ADA) has continued to range and has fallen below the moving average lines. Cryptocurrency price analysis brought by Coinidol.com.

Long-term forecast for the Cardano price: fluctuating

Since December 20, the altcoin has been moving above the $0.80 support and below the $1.10 resistance. Today, the bears dropped below the 21-day SMA support and continued the selling pressure. 
Since January 11, the price of the cryptocurrency has been trapped between moving average lines. Now, the altcoin is falling as it approaches the current support level of $0.84. If the current support holds, the ADA price will bounce back and resume its uptrend. The altcoin will resume its uptrend if buyers keep the price above the moving average lines and the $1.10 level. 
However, if the current support is breached, Cardano will revisit the previous low of $0.76.

Analysis of the Cardano indicator 

The price bars are below the moving average lines after falling below the 21-day SMA. The breakout will cause the altcoin to fall even further and return to its previous low. The moving averages are sloping horizontally, with a bearish crossover. ADA price falls to its previous low.

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?

Cardano drops below the moving average lines. It is approaching the current support at $0.84. It is possible that the altcoin will fall below its previous low of $0.76 if the current support is broken. The altcoin will continue to range if the current support at $84 holds. ADA price will trade above the $84 support but below the moving average lines.

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.