Cardano Trades Below $1.00, But Risks A Possible Decline

Cardano (ADA) is bearish but remains between the moving average lines. Cryptocurrency price analysis brought by Coinidol.com.

Long-term forecast for the Cardano price: bearish

The ADA price is limited to the price range of $0.90 to $1.10. Due to the current limitation, the cryptocurrency has remained reasonably stable. It is predicted that the cryptocurrency will fall even more than it is doing at the moment. The bears tried to break the current support and the altcoin fell twice above the 50-day SMA. Cardano will fall if it loses the 50-day SMA support or the $0.90 low. According to the price indicator, ADA will fall to the 2.0 Fibonacci extension, which is a low of $0.483. At the time of writing, Cardano is trading at $0.92.

Analysis of the Cardano indicator 

Since December 9, Cardano has been stuck between the moving average lines. Bulls and bears have been fighting for control of the price movement above the 50-day SMA support. The bears wanted the price to go lower, but the bulls bought the dips. The moving average lines are trending down while the price bars remain locked.

Technical Indicators 

Key Resistance Zones: $1.20, $1.30, and $1.40 

Key Support Zones: $0.90, $0.80, and $0.70 

What's the next move for Cardano?

The 4-hour chart of Cardano shows a drop below the moving averages. The moving average lines and resistance at $1.00 have halted the uptrend — ADA price is trading in a limited range of $0.85 to $1.00. Due to the current limit, the price movement is static.

Disclaimer. This analysis and forecast are the personal opinions of the author, are not a recommendation to buy or sell cryptocurrency, and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.