Cardano Consolidates Above $0.27 And Reaches Bearish Boundary

The price of Cardano (ADA) is still below the expected price level, although it is in decline.

Cardano price long-term forecasts: bearish

The cryptocurrency value hit a low of $0.22 on June 10 before rising above $0.27. The decline has slowed down as the altcoin consolidates above the $0.27 support. The altcoin is in the oversold region of the market. The upward correction is currently facing resistance at the high of $0.28. The market will be forced to move in a range between $0.22 and $0.28 if the resumption of the upward movement fails. The market is currently oversold, so a further decline is unlikely.

Cardano indicator analysis

Cardano has declined significantly, reaching 21 on the 14-period relative strength index. Selling pressure has reached a bearish limit. The price bars are well below the downward moving average lines. Below the 50 level of the daily stochastic, the bears’ downward momentum has slowed down. The price bars are between the moving average lines in the shorter time frame. This suggests that the cryptocurrency could be moving within a range.

Technical Indicators

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

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

What is the next move for Cardano?

Cardano’s price has dropped significantly, surpassing its previous peak on December 29, 2022. The crypto asset has climbed back above the support level of S0.27. In the last four days, altcoin has consolidated above the current support. If the current support holds or if buyers emerge in the oversold zone, Cardano will rise.

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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• Source: https://coinidol.com/cardano-consolidates-0-27/