Cardano (ADA) Slumps to $1.49 Low, Resumes Upward
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward move. The downtrend has reached bearish exhaustion as the altcoin fell to the oversold region. Today, ADA is trading at $1.57 at the time of writing. The candlestick has a long tail pointing to the $1.50 support. The long tail indicates that the $1.50 support is a strong buying pressure. The market will resume an uptrend if the current support holds.
Cardano (ADA) Indicator Analysis
The cryptocurrency is at level 28 of the Relative Strength Index for period 14. Cardano has fallen to the oversold region of the market. The selling pressure is likely to subside. Buyers are likely to emerge in the oversold region to push prices upward. Similarly, ADA is below the 20% range of daily stochastic. The stochastic indicates that the altcoin has reached the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.
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 has been in a downward move as price breaks below the moving averages. Meanwhile, on September 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Cardano will fall to level 1.272 Fibonacci extension or $1.61. From the price action, Cardano has tested the Fibonacci level as price reached the low of $1.49 and pulled back.
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