Cardano Consolidates above $0.50 Support for a Possible Price Rebound
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price has continued its range-bound move for a possible price rebound. After the upward correction, the bulls could not continue above the $0.60 resistance. The crypto slumped to $0.50 and resumed consolidation in the middle of price range. For the past week, the altcoin has continued its range-bound move between $0.40 and $0.60 price levels. The cryptocurrency will resume upward if the bulls breach the $0.60 resistance. The market will rally to $0.89 high. On the other hand, if the bears break below the $0.40 support, Cardano will decline to $0.26 low.
Cardano (ADA) Indicator Analysis
Cardano is at level 36 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone and it may decline to the previous low at $0.40. ADA price is above the 25% range of the daily stochastic. The bullish momentum has subsided. The 21-day line SMA and the 50-day line 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’s price fluctuates below the high of $0.60 for a possible price rebound. ADA price is consolidating in the middle of the price range for a possible price rebound. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall to level 1.272 Fibonacci extension or $0.26.
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