Cardano Pauses Above $0.46 And Approaches Bearish Exhaustion

Jan 24, 2024 at 11:00 // Price
Coin Idol
The price of Cardano has remained stable

The price of Cardano (ADA) has fallen further below the moving average lines.

Cardano price long term forecast: bearish

The price of the cryptocurrency has fallen below $0.48, the level reached on January 3. The altcoin fell further to a low of $0.44 before recovering. Following the recovery, Cardano is currently trading at $0.47. If the current support holds, the price of the altcoin will have to move between $0.44 and $0.50. The market will drop to a low of $0.38 if the selling pressure continues and breaks the $0.44 support level. Cardano is currently valued at $0.47, but the price of the cryptocurrency has remained stable.

Cardano indicator analysis

The cryptocurrency's price bars are below the moving average lines while holding above the $0.46 price level. Cardano has a bearish crossover, with the 21-day SMA falling below the 50-day SMA. At the same time, the moving average lines are moving south, indicating the current downtrend.

ADAUSD_(Daily Chart) – Jan 24.24.jpg

Technical indicators

Key resistance zones: $0.50, $0.55, $0.60

Key support zones: $0.30, $0.25, $0.20

What is the next move for Cardano?

Cardano's price is oscillating above the $0.46 support after its initial drop to $0.44. The altcoin will rise if the current support level of $0.46 holds. The altcoin will rally if the buyers sustain the price above the moving average lines or the resistance level of $0.50. Additionally, the presence of doji candlesticks has slowed down the price movement.

ADAUSD_(4-Hour Chart) – Jan 24.24.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 research before investing in funds.

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