Cardano (ADA) Loses Crucial Support, May Reach the Low of $0.80
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward correction as it may reach the low of $0.80. On February 15, buyers attempted to push ADA price above the 21-day moving average but were resisted. For the past three days, ADA has been declining from the high of $1.11. Sellers have pushed the altcoin to the low of $1.00. On the downside, if the bears break below the crucial support of $1.00, the market will decline to the low of $0.80 or $0.68 price level. Conversely, if the altcoin rebounds above the $1.00 support, ADA could rally above the moving averages. This will propel the crypto out of downward correction.
Cardano (ADA) Indicator Analysis
The crypto’s price is below the moving averages which indicates a further downward move Cardano is at level 39 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The altcoin is approaching level 30 of the oversold region. ADA is already in the oversold price is below the 20% range of daily stochastic. ADA price has fallen to the oversold region of the market.
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)?
Following the rejection at the 1.26 resistance, ADA/USD resumed downtrend as it may reach the low of $0.80. For the first time, the bears have broken below the $1.00 crucial support Meanwhile, on February 8 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that ADA will fall to level 2.0 Fibonacci extension or $1.01. From the price action, ADA has fallen beyond the Fibonacci extension.
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