Cardano's (ADA) price has begun to decline as buyers failed to maintain it above the 21-day SMA.
ADA price long-term forecast: bearish
Technical IndicatorKey Resistance Zones: $1.20, $1.30, and $1.40
Key Support Zones: $0.90, $0.80, and $0.70
ADA price indicators analysis
The 21-day and 50-day SMAs have resumed their downward trend. The 21-day SMA acts as the resistance line for the price bars. The Doji candlestick, with its small body and indecisive nature, dominates the price action. The small-bodied and uncertain candlesticks have kept the price action rangebound. Since the downtrend ended on February 5, the moving average lines on the 4-hour chart have been horizontal.
What is the next move for ADA?Disclaimer. This analysis and forecast are the personal opinions of the author. The data 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 viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.
