Cardano Declines to $0.91 Low as Bulls Struggle below $0.95
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Cardano (ADA) Long-Term Analysis: Bullish
Cardano’s (ADA) price has fallen below the moving averages as bulls struggles below $0.95. Since April 11, the altcoin has been consolidating above the current support. The cryptocurrency is making an upward move as it faces rejection at the 50-day line SMA. Today, buyers are attempting to retest the 50-day line SMA for the second time. On the upside, if the bulls break above the 50-day line SMA, the altcoin will revisit the resistance at $1.20. However, the altcoin will fall to the current support if the bulls fail to break the recent high. That is, Cardano will decline to the lows of either $0.77 or $0.74
Cardano (ADA) Indicator Analysis
Cardano has fallen to level 42 of the Relative Strength Index for period 14. ADA is trading in the downtrend zone and is capable of falling to the previous lows. ADA price is below the moving averages which indicate a further downward movement of the coin. The 21-day line and 50-day line SMAs are sloping downward indicating a 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)?
ADA/USD is in a downtrend as bulls struggles below $0.95. The altcoin is consolidating above the current support as buyers push the altcoin upward. The upward move is facing rejection at the recent high. Meanwhile, on April 12 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ADA will fall to level 1.618 Fibonacci extension or $0.81.
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