Cardano Falls Towards The $0.48 Low

The price of Cardano (ADA) fell below the moving average lines and hit a low of $0.84. The price indication had earlier predicted a fall to a low of $0.48.

ADA price long-term forecast: bearish

On the downside, selling pressure will reach the $0.76 level. Buyers will try to hold the previous low above the $0.76 support. The altcoin will be forced to move above the $0.76 support level.

However, if the bears break below the previous low, the ADA price will drop to a low above the $0.483 low or the 2.0 Fibonacci extension. On the upside, an upside move is unlikely as the altcoin slips into the downtrend zone. The ADA price continues to decline.

Analysis of the Cardano indicator

On December 26, the price bars fell below the moving average lines, indicating that the cryptocurrency would continue to fall. On the 4-hour chart, the price bars are below and above the horizontal moving average lines. The moving average lines exhibit a bearish crossover, giving bearish signs.

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 is trading sideways on the 4-hour chart following its price drop on December 20. The altcoin has been trading above the $0.86 support and the $0.94 resistance level. The cryptocurrency price has fallen below the $0.86 support level and has continued to plummet. The altcoin is predicted to hit a low again.

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