Cardano Reconsiders Existing Support And Faces Rejection At $0.30

Jun 28, 2023 at 18:00 // Price
Author
Coin Idol
Cardano is still trying to break the existing support

Cryptocurrency analysts of Coinidol.com report, Cardano (ADA) is currently trading at the bottom of the chart.

Cardano price long-term forecasts: bearish

In short, the price of the cryptocurrency asset is between $0.24 and $0.30. Since June 10, the altcoin has been in a narrow price range. The 21-day line SMA or resistance at $0.30 has stopped the upward movement. At the time of writing, Cardano is trading at $0.27.

After meeting rejection at the last high, the cryptocurrency is now falling again. If the price declines and falls below the current support at $0.24, ADA will fall back to the previous low of $0.22. If the price declines and stays above the existing support, the movement will continue within the range. The Cardano price will regain momentum when it rises above the moving average lines.

Cardano indicator analysis

Cardano is still in the downtrend zone, with the Relative Strength Index for the 14th percentile. As long as it is in the downtrend zone, the altcoin has the potential to fall even further. The moving average lines are located below the price bars.

The price bars are held back by the 21-day line SMA. Cardano is trading in the oversold zone, below level 20 on the daily stochastic. The market has reached a point of bearish exhaustion.

ADAUSD_(Daily Chart) – June 28.23.jpg

Technical Indicators

Key resistance zones: $0.30, $0.35, $0.40

Key support zones: $0.20, $0.15, $0.10

What is the next move for Cardano?

Cardano is currently trading at the bottom of the chart, in an oversold market. In the latest price action, the ADA price dropped below the current support level of $0.24, but the bulls bought the dips. The altcoin is picking up steam and climbing back to its previous highs. The altcoin is still trying to break the existing support at the moment.

ADAUSD(4 –Hour Chart) – June 28.23.jpg

On Jun 21, 2023, Coinidol.com reported that: The cryptocurrency fell to a low of $0.22, but the bulls bought the dips. As Cardano resumed its rise above the $0.25 support, the selling pressure eased.

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 own research before investing in funds.

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