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The price of Cardano (ADA) has come under renewed selling pressure as the bears have broken through the key support level of $0.42.
Long-term forecast for the Cardano price: bearish
Since April 13, the cryptocurrency has traded between $0.42 and $0.49. On June 14, as reported by Coinidol.com, the bears broke through the existing support and reached a low of $0.35. Cardano crashed and surpassed its previous low of $0.40. If the current support holds, the altcoin will trade in a range of $0.35 to $0.49.
On the other hand, if the bears breach the current support of $0.35, the market will drop to $0.24. In the meantime, the altcoin is trading at $0.38 as this article is being written.
Analysis of the Cardano indicators
Cardano has continued to fall as the horizontal moving average lines slide downwards. On both charts, the moving average lines are sloping south, but the 21-day SMA serves as a resistance line for the price bar. The cryptocurrency is at risk of a further decline to the bottom of the chart.
Technical indicators
Key resistance zones: $0.80, $0.85 and $0.90
Key support zones: $0.50, $0.45 and $0.40
What is the next move for Cardano?
The 4-hour chart of Cardano shows a bottoming out, but the slide has paused above the $0.35 support level. The bears have tested the current support level of $0.35 twice before pulling back. Cardano is now trading in a limited range of $0.35 to $0.40. Long candlestick tails point to the $0.35 support and signal strong buying demand at lower prices.
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.