Cardano (ADA) Is Stuck below $1.21, Lacks Buyers at Higher Price Levels
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Cardano (ADA) Long-Term Analysis: Bearish
ADA price is consolidating below $1.21 resistance. The crypto has been consolidating below the resistance for the past three days. On July 20, the bears push the altcoin to the previous low at $1.0 as bulls bought the dips. This propels the crypto to rise to the previous highs. The upward move has been stalled below the resistance at $1.21. On the upside, if the bulls overcome the resistance at $1.21, ADA price will rise to retest the high of $1.50. The sideways move will continue if the bulls fail to breach the recent high.
Cardano (ADA) Indicator Analysis
The crypto 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 downward indicating the downtrend. ADA is below the 80% range of the daily stochastic. The crypto 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 making an upward move. The upward move is likely if price breaks above the recent high. Meanwhile, on July 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement. The retracement indicates that ADA is likely to rise to level 1.272 Fibonacci extension or level $1.2725.
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