Cardano (ADA) Faces Rejection at $1.40 High as Price Revisits the Previous Low at $1.01
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is falling on the downside. The price has continued to make lower highs and lower lows. ADA price is falling because it corrected upward to retest the high of $1.40. Buyers could not sustain above the previous high of $1.45. That is why the selling pressure continues on the downside. The downtrend is expected to revisit the previous low above $1.00. The selling pressure will continue below the previous low if the support is breached.
Cardano (ADA) Indicator Analysis
ADA has fallen to level 41 of the Relative Strength Index period 14. It indicates that ADA is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move. ADA is below the 40% range of the daily stochastic. It indicates that ADA is in a bearish 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. On June 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that ADA is likely to fall to level 1.618 Fibonacci extension or level $0.99. From the action, the market has fallen to $1.296 low. ADA is expected to revisit the previous low at $1.01.
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