Cardano Is Holding Above $0.65 As It Has Reached Bearish Fatigue

Cardano (ADA) fell to a low of $0.654 after breaking below the moving average lines.

Cardano  price long-term forecast: bearish

The altcoin has been in a downtrend since it hit its high price of $0.84. Buyers were unable to sustain the bullish momentum above $0.85 on May 11. The bullish momentum was resisted three times until it finally fell below the moving average lines. Selling pressure is expected to drop to $0.65. The current drop reached $0.654 before reversing.

ADA price has been trading below the moving average lines but above the $0.65 support since May 31. If the current support holds, Cardano will start its rise above the $0.65 level and below the $0.84 resistance.

However, if the current support is broken, the altcoin will fall to the low of $0.50. Today, Cardano is trading at $0.68.

ADA price indicators analysis

The price bars following the drop on May 30 are below the moving average lines. The moving average lines are falling as a result of the decline. The 4-hour chart shows a bearish crossover and a southward movement.

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 ADA?

Cardano's price is bouncing above the $0.66 level but is below the 50-day SMA or resistance at $0.70. Selling pressure has stalled above the $0.66 support on the 4-hour chart since May 31. The 21-day SMA is currently rejecting the uptrend. If Cardano deviates from the moving average lines, it will fall further.

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