Cardano (ADA) price is falling after being rejected at the high of $0.32.
As a result of the rejection on December 5, ADA has continued to lose ground. ADA is currently trading at a low of $0.30. The cryptocurrency price is currently trading in a range between $0.29 and $0.38. Due to resistance at the high of $0.32, buyers have been unable to retrace their steps to the previous high of $0.38. Cardano is falling as it may retake the previous low of $0.29. On the downside, the altcoin's range bound zone will continue if it falls and holds above the current support. On the other hand, if the current support is broken, Cardano will fall to a new low of $0.23.
Cardano is at level 39 of the Relative Strength Index for the period 14. It is currently in a bearish trend zone and could fall further. As the price bars are below the moving average lines, the decline is likely to continue. ADA is in a bearish momentum below the level 50 of the daily Stochastic.
Key resistance zones: $1.00, $1.20, $1.40
Key support zones: $0.60, $0.40, $0.20
After the recent rejection at $0.32, Cardano's price is declining. The price of ADA has dropped below the moving average lines today. Bearish momentum is likely to continue until the low of $0.29. Moreover, if the current support is breached, the altcoin could fall to $0.23.
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.