Cardano Loses Ground But Approaches $0.25

Cryptocurrency price analysis brought by Coinidol.com. The price  of Cardano (ADA) reaching a low of $0.255.

Cardano price long-term forecasts: bearish

The cryptocurrency asset is falling fast as it approaches its previous low of $0.23. The last price range of $0.25 to $0.28 was breached as the altcoin came under selling pressure again.

Cardano corrected upwards during the August 17 price decline, and a candlestick tested the 78.6% Fibonacci retracement level. The correction suggests that ADA will decline, but then reverse at the 1.272 Fibonacci extension or $0.20 level. Cardano is currently in a retracement after being rejected at the 21-day SMA line. If the bears break the previous low at $0.23, the altcoin will reach the 1.272 Fibonacci extension or the $0.20 level.

Cardano indicator analysis

Cardano is retreating and approaching the Relative Strength Index Level 37 for the period 14. ADA price will fall as it is in a negative trend zone. Doji candlesticks dominate the price bars that are below the moving average lines. These factors contribute to altcoin’s decline. The altcoin is in a downtrend and has fallen below the daily stochastic threshold of 40.

Technical Indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next step for Cardano?

Cardano is losing ground and approaching its recent low of $0.23. The previous low of $0.22 is the lowest price level. The price indicator predicted a probable reversal at the support level of $0.20. The market returned to the price levels of $0.22 and $0.23 in the last price moves.

However, Cardano (ADA) made an up movement on September 18, and reached $0.2551.

As we reported on September 08, the previous range of $0.25 to $0.28 has narrowed. Bears have the upper hand as sellers are more active at higher price levels. 

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.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/cardano-loses-ground/