Cardano Finds Support On A Retest Of The Previous Low Of $0.26

Aug 17, 2023 at 11:26 // Price
Coin Idol
Cardano has recovered from its recent decline

Cryptocurrency analysts of report Cardano (ADA) fell and returned to the historical price level of June 10.

Cardano price long-term forecasts: bearish

The cryptocurrency fell to a low of $0.26 before recovering. The deterioration has continued since July 14. Today, ADA has risen above the support level of $0.27. The current support is the historical price level of June 10. On June 10, the previous downturn ended and the market started to rise again.

It is unlikely that the cryptocurrency will fall further. The current support is the oversold area of the market. Moreover, the altcoin will reverse every time it regains the previous low at $0.26. Buyers need to keep the price above the high of $0.30 for ADA to resume its uptrend. The uptrend will continue to the high of $0.38. In the meantime, the price of Cardano fluctuates between $0.26 and $0.30.

Cardano indicator analysis

Cardano has recovered from its recent decline at Relative Strength Index Period 14 Level 32. As the market encounters bearish exhaustion, the price bars are below the moving average lines.Cardano is rising above the 25 level of the daily stochastic. The altcoin had already slipped into the oversold zone of the market.

ADAUSD_(Daily Chart) – AUG. 17.23.jpg

Technical Indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next move for Cardano?

Cardano has fallen dramatically on the 4-hour chart and has reached bearish exhaustion. With a low of $0.265, the altcoin has reached an oversold area. Finding support, the cryptocurrency is correcting higher. The altcoin has been trading above this level since June 10.

ADAUSD(4 Hour Chart) – AUG. 17.23.jpg

As we reported on August 10, the uptrend is encountering resistance at the $0.30 high. If buyers surpass the recent high, the ADA price will rise to $0.31. 

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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