Cardano Continues a Bearish Run, Faces Rejection at $2.40
Cardano (ADA) price has fallen below its moving averages. This suggests that Cardano will continue to lose value on the downside.
The cryptocurrency fell to the low of $1.41 as bulls bought the dips. If buyers push ADA above the high of $2.40, the cryptocurrency will be in an uptrend. The altcoin will rise and retest the previous high of $2.80. On the other hand, if the altcoin is rejected at the recent high, the downtrend will continue. In the meantime, ADA is consolidating above the $1.50 support.
Cardano indicator analysis
Cardano price bars are still below the moving averages, suggesting further downside. The price of ADA has fallen to the 35 level of the Relative Strength Index for the 14 period. ADA is above the 25% area of the daily stochastic. The altcoin has a bullish momentum.
Key Resistance Zones: $3.00, $3.50, $4.00
Key Support Zones: $2.50, $2.00, $1.50
What is the next move for Cardano?
On the 4-hour chart, Cardano is in a downtrend. The current downtrend has accelerated as the altcoin is facing rejection at the high of $2.40. Meanwhile, the downtrend from September 21 has shown a candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall but reverse at the 1.272 Fibonacci extension level or the $1.61 level. The price action shows that ADA has fallen to the $1.67 level.
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 funds.
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