Cardano (ADA) Price Analysis: Ranging Continues as Price Falls Below Moving Averages

The price of Cardano (ADA) has continued to range and has fallen below the moving average lines. Cryptocurrency price analysis brought by Coinidol.com.

Cardano (ADA) price analysis: cryptocurrency price ranges and falls below moving average lines

Cryptocurrency price analysis is brought to you by Coinidol.com.

Long-term forecast for the Cardano price: fluctuating

Since December 20, the altcoin has been pivoting above the $0.80 support and below the $1.10 resistance. Today, the bears breached the 21-day SMA support and continue to push to continue the selling pressure.

From January 11, the cryptocurrency price has been sandwiched between the moving average lines. Now, the altcoin is falling as it approaches the current support level of $0.84. If the current support holds, the ADA price will rebound and continue its uptrend. The altcoin will resume its uptrend if buyers keep the price above the moving average lines and the $1.10 level.

However, if the current support is breached, Cardano will revisit the previous low of $0.76.

Analysis of the Cardano indicator

The price bars are now below the moving average lines after breaching the 21-day SMA support. The breakout will cause the altcoin to fall further and return to its previous low. The moving averages are sloping horizontally, indicating a bearish crossover. The ADA price is falling to its previous low.

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 breaches the moving average lines and is approaching the current support at $0.84. If the current support is breached, the altcoin may fall further to its previous low of $0.76. The altcoin will continue to range if the current support at $84 holds. ADA price will trade above the $84 support but below the moving average lines.