Cardano Reaches Bearish Exhaustion And Consolidates For A Future Upswing
June 9, 2023Cardano's (ADA) price falls below the moving average lines.
Cardano price long-term forecasts: bearish
The cryptocurrency’s value has dropped to $0.32. According to the price indicator, Cardano has reportedly reached the targeted price level of $0.32. The price of Cardano has not yet retraced from the previous move and is now approaching its previous level of $0.30, which was the historical price level on March 11. In the meantime, ADA /USD has reached the oversold area of the market. It is unlikely that this price movement will continue.
Cardano indicator analysis
The Relative Strength Index of Cardano has decreased to 29 for the period 14. This shows that the oversold area of the market has been reached. As the price bars are below the moving average lines, Cardano is in a downtrend. The daily stochastic of Cardano is below the value of 20, a sign that the cryptocurrency is overbought.
Technical Indicators
Key resistance zones: $0.50, $0.60, $0.70
Key support zones: $0.30, $0.20, $0.10
What is the next move for Cardano?
Cardano has experienced a sharp decline and is approaching its previous low of $0.30. The crypto market has reached bearish exhaustion. After hitting a low of $0.30, Cardano has regained tremendous momentum in the previous market action. The altcoin is currently consolidating in anticipation of a future upswing.
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.
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