The price of Cardano (ADA) has been trading horizontally and has reached the bottom of the chart. It recently fell below moving average lines and reached a low of $0.31 but has since returned to the $0.30 to $0.40 range. Further declines are unlikely but if the bears break through the $0.30 support, the price could return to $0.27. Currently, ADA is trending upwards towards moving average lines but was rejected at the previous high. The price bars have fallen below the moving average lines after a negative trend. There are key resistance zones at $0.80, $0.85, and $0.90 and key support zones at $0.50, $0.45, and $0.40. On the 4-hour chart, ADA is in a sideways trend between $0.34 and $0.37 and has found resistance at $0.34. This analysis and forecast are the personal opinions of the author and should not be seen as a recommendation to buy or sell ADA.



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