The price of Cardano (ADA) is bearish after being rejected twice at the $0.84 level.
ADA price long-term forecast: bullish
The cryptocurrency would have risen to a high of $1.02 if the $0.84 barrier had been breached. Cardano has been declining since May 11, with the price falling above the 21-day moving average line.
Cardano’s uptrend will continue if the price retraces and stays above the 21-day SMA support. ADA price will rise and retest or break the high at $0.84.
However, if the downtrend breaks the 21-day SMA support, the altcoin will drop to a low of $0.65. In the meantime, the ADA price remains elevated above the 21-day SMA support.
Cardano price indicators analysis
The price bars have retreated after the recent rise above the 21-day SMA support. On May 12, a long candlestick wick can be seen pointing above the $0.84 level. This shows that there is strong selling pressure at the recent barrier. If the 21-day SMA support is broken to the downside, the selling pressure on the altcoin will increase again. The initial decline will take place above the 50-day SMA.
However, the price bars have fallen below the moving average lines, indicating a downtrend.
Technical Indicators
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 still in positive trend territory but has slipped above the 21-day SMA support on the daily chart. The next move in Cardano will be determined by the 21-day SMA support.
Cardano will rise if the 21-day SMA support holds. The current downtrend will resume once the bears break the 21-day SMA support.
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.
