Cardano (ADA) Resumes a Downward Move as It Faces Rejection at $3.03
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Cardano (ADA) Long-Term Analysis: Bullish
Cardano’s (ADA) price has been making an impressive bullish run for the past three days. On September 2, the altcoin rally to a high of $3.10. Buyers could not sustain the bullish momentum as the market reaches the overbought region on September 2. Cardano has already fallen to the low of $2.91 as bulls bought the dips. ADA price corrected upward to $3.03 but was repelled. The market is declining after the second rejection.
Cardano (ADA) Indicator Analysis
Cardano is at level 68 of the Relative Strength Index period 14. The RSI is still in the uptrend zone and above the centerline 50. Sellers have emerged in the overbought region as the coin declines. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The crypto is below the 80% range of the daily stochastic. Cardano 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’s price is likely to fall as the market reaches the overbought region. The crypto faces another rejection at the high of $3.03. Meanwhile, on September 2 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ADA is likely to fall to level 2.0 Fibonacci extension or level $2.70.
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