Cardano (ADA) Price Prediction: ADA Poised to Drop to $29 and $25 After Falling Below Moving Average Lines

The price of Cardano (ADA) has fallen below the moving average lines after being trapped by them on July 1. Cryptocurrency price analysis brought by Coinidol.com.

Cardano (ADA) price fell below the moving average lines after being trapped by them on July 1. Cryptocurrency price analysis is brought to you by Coinidol.com.

Cardano price long term forecast: bearish

On the previous market activity, altcoin moved above the $0.35 support but below the moving averages. After the rise on July 1, the price of the cryptocurrency was caught between the moving average lines. However, the uptrend was short-lived as it encountered resistance at the 50-day moving average line. On the downside, bearish momentum broke through the 21-day SMA and the current support at $0.35, leading to a low of $0.31. The bulls bought the dips and the altcoin began its upward correction. We can expect further decreases in the price of Cardano, which could reach lows of $29 and $25. At the moment, Cardano is trading at $0.35.

Cardano indicator analysis

Cardano's trading range is being broken with the moving average lines sloping down. The extended candlestick tail after the pullback points to the current low of $31. The extended candlestick tail signals strong buying at the $31 support level.

Technical indicators

Key resistance zones: $0.80, $0.85 and $0.90

Key support zones: $0.50, $0.45, and $0.40

What's next for Cardano?

Cardano has fallen below the moving average lines and touched the oversold level of the market. On the 4-hour chart, the altcoin dropped to a low of $0.31 and began a move above the current support, which is range-bound. The upward move encountered resistance at $0.35. As the altcoin reverses from its recent high, we can expect selling pressure to continue.

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