Cardano (ADA) reached a high of $1.32 before being rejected. The cryptocurrency was projected to reach its peak price of $3.00.
Long-term forecast for Cardano price: bearis
The altcoin fell sharply below the 21-day SMA, but the bulls bought the dips. The bullish momentum was halted by the 21-day SMA resistance. According to the price indication, Cardano will continue to fall lower.
On December 10, a retracement candle reached the 50% Fibonacci retracement level, as reported by Coinidol.com. The rising correction suggests that ADA will fall to the level of the 2.0 Fibonacci extension or the low at $0.483. Today, ADA has fallen to a low of $1.02 and the price is expected to fall further.
Analysis of the Cardano indicator
The crypto price has broken below the 21-day SMA support and the cryptocurrency will hit the next support above the 50-day SMA. The ADA price is already trapped between the moving average lines. On the 4-hour chart, the price bars are below the moving average lines as the altcoin descends.
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?
On the 4-hour chart, Cardano is falling as it is rejected by the moving average lines and hits resistance at $1.15. The altcoin is falling towards the existing support level above $0.95. If the current support is broken, the ADA price would fall to the expected level of $0.483. Nonetheless, the altcoin will be forced to make a bound move if the current support holds.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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.
