Cardano (ADA) Declines to Previous Low at $1.91, May Resume Upward
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano (ADA) price has resumed downward move as price breaks below the lower price range. The bears pushed ADA price to the previous low at $1.91 and then resumed upward. The selling pressure will continue if the bears break below the previous low at $1.91. The cryptocurrency will further decline to $1.60 low. Meanwhile, on September 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Cardano will fall to level 1.272 Fibonacci extension or $1.5908.
Cardano (ADA) Indicator Analysis
The cryptocurrency is at level 40 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and capable of a further downward move. The 21-day SMA and the 50-day SMA are sloping horizontally. Cardano is above the 50% 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 was in a sideways move before the recent breakdown. The bears break below the moving averages to reach the. low of $1.8350. Meanwhile, on October 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Cardano will fall to level 1.618 Fibonacci extension or $2.0210 .
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