Cardano (ADA) Consolidates Above $1.20 Support, May Rebound Above $1.02
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downtrend as it may rebound above $1.02. Since December 4 price slump, Cardano price has continued to fall to the downside. The price breakdown plunged the cryptocurrency to the low of $1.18. Today, ADA/USD has fallen to the low of $1.18 and the altcoin is consolidating above the $1.20 support. The selling pressure will resume if sellers break below the current support. Cardano will further decline to $1.02 which was the previous low of July 20. Nonetheless, the upward move will resume if the current support holds.
Cardano (ADA) Indicator Analysis
The cryptocurrency has been fluctuating which has caused the RSI to fluctuate. Cardano is at level 35 of the Relative Strength Index for period 14. The market is still in the downtrend zone and it is capable of falling to the downside.
Technical indicators:
Major supply zones: $2.0, $2.20, $2.40
Major demand zones: $1.40, $1.20, $1.00
What Is the Next Direction for Cardano (ADA)?
Presently, Cardano is consolidating above the $1.20 support as it may rebound above $1.02. The altcoin may rebound above the current support or a breakdown may occur. Meanwhile, on September 7 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Cardano will fall to level 2.0 Fibonacci extension or $0.900.
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