Cardano (ADA) Reaches an Overbought Region, Unable to Break the $1.17 High
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Cardano (ADA) Long-Term Analysis: Bearish
Today, Cardano’s (ADA) price rebounded above the $1.00 support but unable to break the $1.17 High. The bulls could not sustain the bullish momentum above the recent high. Incidentally, the 21-day line moving average is acting as resistance to the crypto’s price. Presently, ADA price is retesting an overbought region of the market. It is doubtful if the current bullish momentum will continue above the recent high. Cardano will rally to $1.60 high if the bulls breach the recent high. The bullish momentum is likely to continue as the altcoin reaches the bullish trend zone. However, if Cardano turns down from the recent high, the altcoin will revisit the crucial support at $1.00.
Cardano (ADA) Indicator Analysis
Cardano has risen to level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The crypto’s price is below the moving averages which indicates a possible downward move. ADA price is above the 80% range of daily stochastic. ADA price is in the overbought region of the market. There is a likelihood of further downward move.
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 in a range-bound move as price fluctuates between $0.96 and $1.17 price levels but unable to break the $1.17 High. The previous bearish trend has subsided. On the upside, if the bulls fail to break the recent high, the bears will attempt to break below the $1.00 crucial support. If the bears are successful the downtrend will resume as price falls to the low of $0.80.
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