Cardano Holds Above $0.35 Despite Rejection Of High At $0.38

May 25, 2023 at 10:49 // Price
Coin Idol
Cardano is still below the moving average lines

Cardano (ADA) is still below the moving average lines.

Cardano price long-term forecasts: bearish

Since the price decline on May 8, the cryptocurrency has consistently traded above the $0.35 support. The upward correction has been stopped twice at the 21-day line SMA, indicating further downward movement in the cryptocurrency. ADA is trading at $0.365 at the time of writing. Selling pressure on Cardano will increase once $0.35 support is breached and downward momentum continues. The current support has not been breached since March 28. ADA /USD will reach a low of $0.32 if the current support for the cryptocurrency is lost. The altcoin has been trading above the $0.35 support for the past two weeks. 

Cardano indicator analysis

Cardano is at level 43 of the Relative Strength Index for the period 14. Due to the recent consolidation, the RSI has not changed. As long as the price of ADA is in the bearish trend zone, it is likely to decline. The price bars are below the price bars, which increases the selling pressure. Cardano is experiencing bearish momentum below the Stochastic daily value of 50.

ADAUSD_(Daily Chart) – May 24.23.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 is still in a downtrend and could fall further if selling pressure picks up. The altcoin is moving above the current support and resisting the uptrend for the second time. The cryptocurrency's price is moving in a tight range between the $0.35 support and the 21-day moving average.

ADAUSD_(4 –Hour Chart) - May 24.23.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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