Cardano Slumps And Stays Above $0.60

The price of Cardano (ADA) has fallen below the moving average lines and reached a low of $0.64.

ADA price long-term forecast: bearish

In the previous drop, the altcoin hit the low of $0.58 and bounced back. The bullish momentum widened and reached the upper resistance at $1.17. Yesterday, the altcoin hit the previous low but is correcting higher. 

On the downside, the market will hit the previous low of $0.50 if the altcoin continues its decline below the current support of $0.60. 

However, if the current support holds, Cardano will rise again. The uptrend will resume if buyers keep the price above the moving average lines. The ADA price will rise and reach the $1.20 threshold again. The overhead resistance has not been broken since December 3, 2024. The ADA price is currently at $0.73.

ADA indicator analysis 

The price bars are below the moving average lines due to the recent decline. The price has reached the previous low and ended the downward momentum. If Cardano drops off the moving average lines in the downtrend zone, it could be forced to make a move within the trading range.

Technical Indicators 

Key Resistance Zones: $1.20, $1.30, and $1.40 

Key Support Zones: $0.90, $0.80, and $0.70

What is the next move for Cardano?

Cardano has dropped below the moving average lines but is still in a sideways trend. The price of ADA has stopped falling above the $0.60 support. Cardano is expected to move below the moving average lines and above the $0.60 support. 

The uptrend will continue if the buyers keep the price above the moving average lines. Otherwise, the sideways movement will start in the bearish trend zone.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.