Cardano (ADA) price is falling and approaching the 50-day moving average line.
If the price falls below the moving average lines, the decline will accelerate. At the time of writing, ADA has fallen to a low of $0.29. According to the price indication, the price of ADA is expected to fall further to its previous low of $0.26. Since July 31, the price of the cryptocurrency has been between the moving average lines.
Today, the bears are trying to fall below the 50-day simple moving average. The break of the 50-day line SMA will increase the selling pressure. If the price falls below the moving average lines, the Fibonacci tool analysis will apply. Cardano will fall and reach the 1.618 Fibonacci extension or the $0.26 level. If the bears fail to break below the 50-day line SMA, ADA /USD will remain in a trading range between the moving average lines.
Cardano has fallen to the Relative Strength Index of 44 in the 14th period. The altcoin has entered a bearish trend zone, which means that it will slide. The price bars above the 50-day line SMA, but below the 21-day line SMA, forming a range. Cardano is trading in the oversold zone of the market. This means that the market has reached bearish exhaustion.
Key resistance zones: $0.30, $0.35, $0.40
Key support zones: $0.20, $0.15, $0.10
Cardano's price is falling below the 50-day simple moving average. The price decline was moderate due to the Doji candlesticks. Doji candlesticks are expected to limit the current decline. Moreover, Cardano has reached the oversold zone 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.com. Readers should do their own research before investing in funds.