Cardano Falters Below $0.31 Low And Sellers Threaten To Sell Short

Cardano (ADA) price is falling below the moving average lines. Support at $0.31 has been defended by buyers since November 9.

Cardano price long-term forecasts: bearish

The bulls initially bought the dips as the bears broke below the existing support. The altcoin is pushed back to the trading range by the buyers. The altcoin’s price has settled between $0.31 and $0.38 over the past three weeks. Cardano is currently rallying and testing its previous highs. The cryptocurrency’s price is currently retesting the high at $0.31 in order to overcome it. If Cardano is rejected at either the $0.31 or the 21-day line SMA, it will fall.

Cardano indicator analysis

The ADA’s Relative Strength Index value for the 14 period is 41. Cardano is in a downtrend and could fall further. As long as the price bars below the moving average lines, the price will continue to fall. ADA records positive momentum above the Stochastic level 25 on the daily basis. The momentum in favor of the bulls has slowed down.

Technical indicators 

Key resistance zones: $1.00, $1.20, $1.40

Key support zones: $0.60, $0.40, $0.20

What is the next move for Cardano?

Cardano is in a downtrend as it holds above the $0.31 support. The cryptocurrency is expected to continue falling beyond the $0.31 support. The altcoin will continue to fall to $0.24 if it loses the current support level

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.