Cardano Holds Above $0.40 as Sellers Resume Selling Pressure

Cardano (ADA) price is in a sideways movement and has been trading below the moving average lines.

Cardano price long-term forecasts: bearish

Since August 19, ADA /USD has been forced to trade below the moving average line. Twice buyers tried to keep the price above the moving average lines, but were rejected at the high of $52. 

In the last four days, the price of ADA fluctuated above the $0.43 support as buyers failed to keep the price above the moving average lines. On September 17, buyers broke through the 21-day line SMA, but were rebuffed at the 50-day line SMA. Cardano will regain the previous highs of $0.70 and $0.90 if buyers overcome resistance at $0.52 and $0.60. On the downside, sellers will try to push the price below the support at $0.40. ADAThe price of /USD will fall to $0.33 if the current support is broken.

Cardano indicator analysis

ADA is at level 43 of the Relative Strength Index for period 14. Cardano is in the downtrend zone and the altcoin is vulnerable to a decline. Cardano is below the 50% area of the daily stochastic. ADA /USD is in a bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.

Technical Indicators 

Key resistance zones: $0.60, $0.70, $0.80

Key support zones: $0.50, $0.40, $0.30

What is the next move for Cardano?

On the 4-hour chart, Cardano price is in a downward movement as it faces rejection at the 21-day line SMA. Meanwhile, on the September 13 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ADA will fall to the level of the Fibonacci extension of 1.618 or $0.42.

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.

Source: Read Full Article