The price of Cardano (ADA) resumed its downward correction after being dumped at the high of $0.52. In the previous price action, buyers pushed the altcoin above the moving average lines as it rallied to the high of $0.52.
Buyers tried to push Cardano to the overriding resistance at $0.60. However, in the last 48 hours, the bears resumed selling pressure at the high of $0.52 as the altcoin fell below the moving average lines.
ADA/USD fell to a low of $0.46 as the bulls bought the dips. Today, the crypto price is trying to break the 21-day line SMA and climb back up. The altcoin risks another decline if it is rejected. ADA will then continue to fall to the lows of $0.45 or $0.40.
The cryptocurrency is at level 47 of the Relative Strength Index for the period 14. It is in the downtrend area and could fall further. Cardano is below the 40% area of the daily stochastic. ADA/USD is in a bearish momentum. The 21-day line SMA and the 50-day line SMA are horizontally sloping, indicating a sideways trend.
Key Resistance Zones: $0.60, $0.70, $0.80
Key Support Zones: $0.50, $0.40, $0.30
Cardano's share price is in a sideways movement. Since May, ADA/USD has moved in a range between $0.40 and $0.60. In the last 48 hours, the altcoin has dropped from the high of $0.52 to $0.46. It could reach the price level of $0.40 again. On the weekly chart, a candlestick tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that ADA will fall but reverse at the 1.272 Fibonacci extension level or $0.394.
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.