Cardano (ADA) Is in a Downward correction, Faces Rejection at $1.70
May 30, 2021
Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s price recovered in the bearish trend as price fell above the $1.10 support. The altcoin rebounded above the $1.10 and resumed an upward move. The uptrend was short-lived as it was terminated at the high of $1.80. Cardano’s price now fluctuates between $1.10 and $1.80 as a result of price rejection at the recent high. Today, ADA’s upward move is facing rejection at the recent high. ADA price is likely to fall as it has reached the overbought region of the market.
Cardano (ADA) Indicator Analysis
ADA has risen to level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the previous sideways move. ADA is above the 80% range of the daily stochastic. It indicates that the ADA has reached the overbought region of the market.
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)?
ADA price is fluctuating between $1,10 and $1.80. Presently, the coin is falling after rejection from $1.68 high. Cardano price has reached the overbought region of the market. Sellers are expected to emerge to push prices down.
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