Cardano (ADA) Consolidates Above $1.80 as Bulls and Bears Consider Next Move
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Cardano (ADA) Long-Term Analysis: Ranging
Cardano’s (ADA) price is trading below the moving averages. The cryptocurrency is prone to further downsides. Since September 7, the crypto is range bound between $1.80 and $2.60 price levels. The price bars are above the current support but below the moving averages. ADA/USD can easily fall to the downside. On the daily chart, the price action is characterized by small body indecisive candlesticks. The candlestick indicates that buyers and sellers are undecided about the direction of the market.
Cardano (ADA) Indicator Analysis
Cardano is at level 41 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally. The market is above the 25% range of daily stochastic. It indicates that the altcoin is in a bullish momentum.
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)?
Cardano is in a downward move. The altcoin falls below the moving averages to reach the low of $1.93. Meanwhile, on November 3 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 $1.91. From the price action,Cardano has already tested level 2.0 Fibonacci extension or $1.91 and resumed upward.
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