Cardano Returns And Remains Above Critical $0.25 Support

Cryptocurrency analysts of Coinidol.com report, Cardano (ADA) is still trading sideways above $0.25.

Cardano price long-term forecasts: bearish

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. The price of ADA is now below the high of $0.26. At the time of writing, the altcoin was trading at $0.255.

If the bears continue to push the price lower, the current support level will likely be breached. Cardano could fall much further to its previous low of $0.23 if the current support level is breached. The altcoin will continue to trend sideways if the current support holds. It is also possible that the price will rise back above the existing support level.

Cardano indicator analysis

For the period 14, Cardano is at a Relative Strength Index level of 39. The altcoin is trading in a bearish trend zone as the bears try to break the existing support. The price bar is below the moving average lines and faces another rejection at the 21-day line SMA. An erratic downtrend begins at the stochastic value of 40 at the daily level.

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 has fallen to the current support level. The price of the cryptocurrency is retesting the current support level to break it. Currently, buyers are defending the current support. Long candlestick tails indicate significant buying at lower price levels.

Last week Coinidol.com reported that the downtrend eased after hitting a low of $0.23 on August 17. Bulls bought the dips to resume their sideways movement. 

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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