Cardano (ADA) Slumps as Bulls Fail to Sustain above $1.60 Resistance
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is falling after rejection from the $1.60 high. The selling pressure has broken below the moving averages suggesting further decline. Cardano has been in a downward movement from the high of $1.80. Buyers attempted to push ADA to the previous highs but were repelled twice at $1.60 resistance. On the upside, if the bulls were successful above $1.60, the crypto will rise and retest the $1.80 overhead resistance. On the downside, the selling pressure will continue as price breaks below the moving averages.
Cardano (ADA) Indicator Analysis
ADA has fallen to level 44 of the Relative Strength Index period 14. It indicates that the coin 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 above the 25% range of the daily stochastic. It indicates that ADA is in a bullish 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 is in a downward move. On June 4 downtrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that ADA is likely to fall to a level2.0 Fibonacci extension or level $1.330. From the action, the market has fallen to $1.478 low.
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