Cardano (ADA) is losing value as it falls below the moving average lines.
The price has fallen below the 50-day simple moving average (SMA) and the current support level of $0.38, adding to selling pressure. At the time of writing, ADA is worth $0.35. The current downtrend is almost certain to continue. On April 21, Cardano took an upward correction and a candlestick tested the 61.8% Fibonacci retracement line. As a result of the pullback, ADA will fall below the 1.618 Fibonacci extension or the $0.32 level. As it approaches the 1.618 Fibonacci extension, the altcoin is currently in decline. If the cryptocurrency value finds support, it will resume its uptrend.
Cardano is at level 34 in the Relative Strength Index for period 14, which indicates that Cardano is approaching the oversold area of the market, while it is still in the bearish trend zone. As the price bars are below the moving average lines, the cryptocurrency is bearish. The price of the cryptocurrency is currently in an oversold zone of the market. The daily stochastic is currently below the level of 20.
Key resistance zones: $1.00, $1.20, $1.40
Key support zones: $0.60, $0.40, $0.20
ADA/USD is falling as it approaches the oversold area of the market. The decline will continue to $0.32. However, at $0.32 level, the market will be significantly oversold. Cardano will attract more buyers in the oversold sector of the market.
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.