Cardano (ADA) Resumes Uptrend, Consolidates below Resistance at $1.40
July 2, 2021
Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is making an upward move after falling to the low above $1.00. On June 22, the bulls bought the dips and push the altcoin to the previous highs. ADA is presently facing rejection at level $1.40. The uptrend will resume if the resistance is breached. Meanwhile, on June 24 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ADA is likely to rise to level 1.618 Fibonacci extension level or level $1.6332.
Cardano (ADA) Indicator Analysis
ADA has fallen to level 46 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 horizontally indicating the sideways move. ADA is below the 80% range of the daily stochastic. It indicates that ADA is in a bearish momentum.
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)?
Presently, Cardano is in an upward move. On 4 hour chart, ADA price is in a sideways move below the resistance at $1.40. On June 27 uptrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that ADA is likely to rise to level 2.0 Fibonacci extension or level $1.39.
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