Cardano (ADA) Makes Positive Moves, Retests the Previous Overbought Region at $2.97

Cardano (ADA) Long-Term Analysis: Bullish
Today, Cardano’s (ADA) price is resuming upward after retracing to the low of $2.47. Buyers have pushed the coin to the high of $2.89. In the previous price action, buyers pushed the altcoin to the high of $2.97 but the market reached the overbought region. This caused the altcoin to decline to the previous low at $2.47. Today, the market has risen to the overbought region. There is the likelihood of a further downward movement of the coin.

Cardano (ADA) Indicator Analysis
Cardano is at level 70 of the Relative Strength Index period 14. The crypto has risen to the overbought region after the retracement. Sellers are likely to emerge in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The crypto is also above the 80% range of the daily stochastic. Cardano is likely to further decline to the downside.

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’s price has risen to the overbought region of the market. The altcoin will fall again to the downside. Meanwhile, on August 20 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ADA is likely to rise but reverse at level 1.272 Fibonacci extension or level $2.76. From the price action, ADA has reversed from level 1.272 Fibonacci level to the previous low. ADA price has risen back to the overbought region.

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