Cardano Price Falls At $0.54 Due To Further Rejection

The price of Cardano (ADA) has fallen below the moving average lines. Price analysis by Coinidol.com.

Long-term forecast for Cardano price: bearish

The price of Cardano fell below the moving average lines on January 7, but the bulls bought the dips. However, the price of ADA fell below the moving average lines for a second time as the bears gained ground. On the upside, the 50-day SMA and resistance at $0.54 limit the altcoin’s future upside.

ADA/USD is currently worth $0.50 as it falls below the moving average lines. When the price bars are below the moving average lines, Cardano tends to decline. The altcoin will fall to the next support level, which is at $0.38, if the bearish momentum continues. However, there are barriers to the decline at $0.47 and $0.43.

Analysis of the Cardano indicators

Cardano’s price bars have fallen below the moving average lines, indicating that the cryptocurrency will continue to fall. The price bars on the 4-hour chart were previously trapped but are now below the moving average lines. The downtrend is indicated by the southward slope of the moving average lines.

Technical Indicators

Key resistance zones: $0.50, $0.55, $0.60

Important support zones: $0.30, $0.25, $0.20

What is the next move for Cardano?

Cardano continues to lose ground and encounters further resistance at the high of $0.54. The price of the cryptocurrency is declining as it approaches the current support level of $0.47. The altcoin could fall to a low of $0.38 if the bears break the current support level at $0.47.

On January 3, Coinidol.com reported that Cardano price stabilized as traders were showing passivity.

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 the research before investing in funds.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://coinidol.com/cardano-price-falls/