The price of Cardano (ADA) fell below the critical 21-day SMA support on August 25. This may lead to a further devaluation of the cryptocurrency.
ADA price long-term forecast: bearish
The ADA price is now hovering between the moving average lines. However, ADA is gaining value as buyers try to push the price above the 21-day SMA barrier. If the buyers are successful, the cryptocurrency will return to its previous high of $1.01.
But Cardano will fall if buyers fail to push the price above the 21-day SMA barrier. Sellers will try to push the price above the 50-day SMA support and a break below it will signal the return of selling pressure. Cardano returns to its previous low of $0.68.
In the meantime, the price continues to fluctuate between the moving average lines. At the time of writing, the ADA price stands at $0.86.
Cardano price indicators analysis
ADA price is trading below the 21-day SMA barrier but above the 50-day SMA support. The price of the cryptocurrency has broken through the 21-day SMA barrier, as buyers are trying to push it above the moving average lines. On the 4-hour chart, the price bars are below the horizontal moving average lines.
Technical IndicatorsÂ
Key Resistance Zones: $1.20, $1.30, and $1.40
Key Support Zones: $0.90, $0.80, and $0.70
What is the next move for Cardano?
Cardano is in a sideways move on the 4-hour chart. The crypto price has been fluctuating above the $0.82 support but below the $1.00 high. The recovery is facing an initial barrier at the high of $0.874 or the moving average lines. The altcoin will commence the upward move above the moving average lines.
The price of Cardano was stalled above the $0.84 level after hitting resistance at $1.01 as CoinIdol.com wrote in the previous ADA price analysis.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
