Cardano Holds Above $0.34 As It Reaches Bearish Exhaustion

Mar 02, 2023 at 10:00 // Price
Coin Idol
Cardano price is currently in a bearish trend zone.

Cardano (ADA) price is currently in a bearish trend zone.

Cardano price long-term forecasts: bearish

The price of ADA is falling below the moving average lines, dropping to a low of $0.34. As the cryptocurrency is currently making an upward correction, the bulls are buying the dips. The high of $0.36 represents resistance for the upward correction. If the altcoin approaches the oversold area of $0.34, it is expected to fall. However, the oversold area has held since January 24. However, the slump will start again if Cardano loses the current support. The cryptocurrency value will continue to fall until it reaches a low of $0.26 or $0.32. The alt cryptocurrency is currently trading at $0.3612. 

Cardano indicator analysis

With a Relative Strength Index of 44 for the period 14, Cardano is in a downtrend. The downtrend zone is where the altcoin is most likely to fall. The moving average lines are below the price bars, indicating a further decline. Above the daily stochastic value of 40, Cardano is in a bullish momentum.

ADAUSD(Daily Chart) - March 1.23.jpg

Technical indicators

Key resistance zones: $1.00, $1.20, $1.40

Key support zones: $0.60, $0.40, $0.20

What is the next move for Cardano?

Cardano has reached bearish fatigue and is currently in a downtrend. The altcoin has fallen dramatically back into oversold territory. According to the study of the Fibonacci tool, Cardano will fall to the level 2.0 Fibonacci extension, or $ 0.3439. According to the price movement, the ADA price has tested the Fibonacci level and is now correcting back up.

ADAUSD( 4 Hour Chart) -March 1.23.jpg

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.

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