Currently, Cardano (ADA) is trading at $0.8068, up 0.04509% from the previous close.
Chart Analysis:
• General Trend: The daily chart of ADA shows a descending channel formation for several months, with successive lower highs and lows.
• Support and Resistance Levels:
• Major Support: Around $0.70, a previous low and an important psychological level.
• First Resistance: At $0.85, where the price crosses the upper border of the descending channel.
• Second Resistance: Around $1.00, a psychological level and previous resistance.
• Technical Indicators:
• Relative Strength Index (RSI): Shows a reading close to 50, indicating neutrality in the current momentum.
• Moving Averages: The price is currently trading below the 50-day moving average, supporting the downtrend.
Forecast:
If the price manages to break the resistance at $0.85 and hold above it, it could signal a potential trend reversal and test higher levels such as $1.00. However, if the selling pressure continues and the support at $0.70 is broken, the price could head towards lower levels.
Please note that cryptocurrency markets are highly volatile, and forecasts are subject to change based on market developments. It is always advisable to conduct personal research and consult experts before making investment decisions.