Cardano (ADA) price is in a sideways movement and has been trading below the moving average lines.
Since August 19, ADA /USD has been forced to trade below the moving average line. Twice buyers tried to keep the price above the moving average lines, but were rejected at the high of $52.
In the last four days, the price of ADA fluctuated above the $0.43 support as buyers failed to keep the price above the moving average lines. On September 17, buyers broke through the 21-day line SMA, but were rebuffed at the 50-day line SMA. Cardano will regain the previous highs of $0.70 and $0.90 if buyers overcome resistance at $0.52 and $0.60. On the downside, sellers will try to push the price below the support at $0.40. ADAThe price of /USD will fall to $0.33 if the current support is broken.
ADA is at level 43 of the Relative Strength Index for period 14. Cardano is in the downtrend zone and the altcoin is vulnerable to a decline. Cardano is below the 50% area of the daily stochastic. ADA /USD is in a bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.
Key resistance zones: $0.60, $0.70, $0.80
Key support zones: $0.50, $0.40, $0.30
On the 4-hour chart, Cardano price is in a downward movement as it faces rejection at the 21-day line SMA. Meanwhile, on the September 13 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ADA will fall to the level of the Fibonacci extension of 1.618 or $0.42.
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.