Cardano Turns Down From The High At $0.47 While Retargeting The Low At $0.42
The price of Cardano (ADA) is in a downtrend as the cryptocurrency is trading below the moving average lines.
Cardano (ADA) Price Long-Term Forecast: Bearish
Today, September 28, ADA has fallen to the low of $0.42 as bulls are buying the dips. This current support was the historical price level on August 26. On August 26, the altcoin consolidated above the current support and rose to a high of $0.51.
Today, Cardano has fallen to the previous low of $0.42. The cryptocurrency is trading in a limited range between $0.40 and $0.47. On the upside, the price of ADA was pushed back to the high of $0.47 twice in September. ADAThe price of /USD might retake the previous low of $0.40 if it moves down from the moving average lines.
Cardano (ADA) Indicator Analysis
The cryptocurrency is at the 40 level of the Relative Strength Index for the 14 period. It is in the downtrend area and continues to move within the trading range. Cardano is below the 20% area of the daily stochastic. ADAThe /USD has reached the oversold area of the market. Selling pressure has reached bearish exhaustion. Further selling pressure is unlikely as buyers are emerging in the oversold area.
Key resistance zones: $0.60, $0.70, $0.80
Key support zones: $0.50, $0.40, $0.30
What’s next for Cardano (ADA)?
On the 4-hour chart, Cardano’s price has fallen to the previous low at $0.42 as the bulls bought the dips. The current support has been tested several times as buyers defend the current support. Meanwhile, at the September 33 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ADA will fall to the Fibonacci extension level 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.
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