Cardano (ADA) Finds Support above $1.00 as the Altcoin Faces Rejection at $1.20
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price has resumed downward correction as altcoin faces rejection at $1.20. The bears have broken below the moving averages. The altcoin fell to the crucial support at $1.00 price level. Before now on February 7, the bulls broke the 21-day SMA but fail to break the 50-day SMA. If the bulls have broken above the 50-day SMA, Cardano would have resumed up trending. The market will rise to revisit the previous highs. Today, the bears have the upper hand as the altcoin falls to the support above the $1.00 support.
Cardano (ADA) Indicator Analysis
Because of the recent decline, Cardano has fallen to level 42 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. Cardano is falling to the downside. ADA price is below the moving averages which indicate a further downward move. ADA price is below the 20% range of daily stochastic. ADA price has fallen to the oversold region of the market. The selling pressure is likely to ease as buyers emerge in the oversold region.
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)?
Since January 22, ADA/USD has been in a range-bound move as the altcoin faces rejection at $1.20. Buyers have retested the resistance at $1.20 on three occasions but were repelled. Nonetheless, Cardano is falling to the downside. The altcoin is likely to find support above the $1.00 support. If the bears break this support, the market will decline to the low of $0.80.
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