Cardano’s (ADA) price is below its moving averages, indicating a downward trend. After dipping to a low of $0.42, the cryptocurrency is now rising again. Buyers have pushed ADA up to a new high of $0.46, trying to keep the price of ADA above its moving average lines.
Keep the price of ADA above the moving average lines, and it will eventually reach the previous high of $0.68. But if Cardano prices diverge downward from the moving average lines, the cryptocurrency might reach a low of $0.40.
Dissecting the Cardano Indicators
For the period 14-to-now, ADA’s Relative Strength Index (RSI) rating is 45. While correcting higher, ADA is still in a downtrend. Neither the 21-day nor the 50-day simple moving average line is sloping upward or downward, indicating a flat or sideways trend. The daily stochastic chart for Cardano is currently below the 20% region. Its current selling price places it in the oversold zone. Oversold areas attract buyers, who push up prices.
Signals for technicians
60 cents, 70 dollars, and 80 cents are key resistance zones.
Price Levels Near and Below $0.50, $0.40, and $0.30
Exactly what should Cardano do now?
As Cardano’s value approaches the moving average lines, it has begun to rise. If the alternative coin’s price rises over its moving average lines, it will gain upward momentum. The Fibonacci analysis suggests that ADA will go down. There was a weekly candlestick on March 21 that was at the 78.6 percent Fibonacci retracement level. There is a possibility that Ada will drop to the 1.272 Fibonacci Extension level, or $0.39, as a result of the current retracement.
Disclaimer: The views expressed in this analysis and forecast are those of the author alone and should not be construed as endorsements by CoinIdol or any other entity. Prior to making any financial commitments, readers are urged to conduct their own independent investigation.
