Cardano Pauses Above $0.30 As It Reaches Oversold Region

Jul 28, 2023 at 12:10 // Price
Coin Idol
Cardano is moving between the moving average lines

Cardano (ADA) price is falling, although it is still above the 50-day SMA.

Cardano price long-term forecasts: bearish

The moving average lines intersect the price bar. If the price falls below the moving average lines, the current decline will accelerate.

The coin is currently trading at $0.30 and is moving between the moving average lines. The price of the cryptocurrency has fallen from a high of $0.37. The market has entered the oversold zone due to the decline. The price indication predicts a further decline to a low of $0.26. Doji candlesticks have slowed down the price movement at the moment.

Cardano indicator analysis

Cardano has entered the downtrend zone at 48 on the Period 14 Relative Strength Index. The decline continues in the downtrend zone. The price of the cryptocurrency is now between the moving average lines, which causes fluctuations. Cardano has fallen below the daily stochastic threshold of 20. This indicates that the selling pressure has reached an overbought level.

ADAUSD_(Daily Chart) – July 26.23.jpg

Technical Indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next move for Cardano?

Cardano has been declining since its price spike on July 13. ADA has recovered to its previous low of $0.30. The cryptocurrency is now caught between the moving average lines. If the range-bound levels are broken, the altcoin will show a trend.

ADAUSD_(4 Hour Chart) – July 26.23.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 Readers should do their own research before investing in funds.

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