Cardano remains above its low price of $0.25

Cardano (ADA) price fell as buyers failed to hold it above the 21-day SMA.

ADA’s long-term price forecast: bearish

The cryptocurrency is expected to revisit its previous low of $0.22. As of February 6, as reported by Coinidol.com, the price broke above the $0.24 support and moved sideways below the 21-day SMA. In other words, the cryptocurrency price remained below the $0.24 support but below the 21-day SMA.

Today, Cardano is falling to the $0.24 support. The price is trading at the bottom of its chart and ADA has entered the overbought market zone. If the current support is breached, the decline is likely to continue to $0.22, its previous low. However, if buyers enter an oversold market, the altcoin can rise. ADA is currently at $0.257.

Technical indicator

• Major resistance areas: $1.20, $1.30 and $1.40

• Key support zones: $0.90, $0.80 and $0.70

Analysis of ADA price indicators

The 21-day and 50-day SMAs have resumed their downtrend. The 21-day SMA acts as a resistance line for the price bars. The Doji candle, with its small body and volatile nature, dominates price action. Small and uncertain candlesticks held within the price action. Since the downtrend ended on February 5, the moving averages on the 4-hour chart were horizontal.

What is the next move for the ADA?

ADA has been trading sideways on the 4-hour chart since February 5th. The price is trading above the $0.25 support level, but below the moving average or resistance at $0.30. The price of the cryptocurrency broke below the moving averages, retested them and continued its downward trend. Selling pressure eased after reaching $0.255.

Disclaimer. This analysis and prediction is the author’s personal opinion. The information provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by Coinidol.com. Readers should do their own research before investing in funds.