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Cardano Declines and Retests $0.31 as It May Further Decline

Date:

Nov 23, 2022 at 11:50 // Price

Cardano is rejected at the current high

The price of Cardano (ADA) is in a downtrend after falling to a low of $0.29 and then recovering. Buyers are trying to push ADA back into the $0.31 to $0.38 range.

If the buyers are successful, the cryptocurrency will start its rise within the trading range. Due to the current high of $0.31, which is a resistance level, the current positive momentum is most likely temporary. If Cardano is rejected at the current high, it will fall even further to the low of $0.23. At the time of writing, the ADA/USD exchange rate is at $0.3173.

Cardano indicator analysis

For the period 14, the Relative Strength Index of ADA is 39. Due to its position in the downtrend area, Cardano can fall. The price will continue to fall as long as the price bars are below the moving average lines. ADA records positive momentum above the stochastic value of 25 at the daily level. As the downtrend is rising again, the positive momentum is likely to be temporary.

ADAUSD(Daily+Chart)+-+November+23.22.jpg

Technical indicators 

Key Resistance Zones: $1.00, $1.20, $1.40

Key Support Zones: $0.60, $0.40, $0.20

What is the next move for Cardano?

Cardano is making a small upward correction as it is in a decline. If the altcoin is rejected at the current high, selling pressure will resume. The existing support is at risk. The recent high, which has now become a resistance level, will be retested by the cryptocurrency price. During the decline on November 9, ADA experienced an upside reversal and a candlestick tested the 61.8% Fibonacci retracement level. ADA will decline in price after adjusting to the 1.618 level of the Fibonacci sequence, or $0.23.

ADAUSD(+Daily+Chart+2)+-+November+23.22.jpg

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. Readers should do their own research before investing in funds.

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