Cardano Drops from the $0.44 High as It May Revisit $0.36 Low
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) is in an upward correction but may revisit $0.36 low. Today, the cryptocurrency is declining to the downside and could drop as low as $0.36. Cardano is currently trading below the 50-day line SMA but above the 21-day line of SMA. The $0.44 resistance acts as a barrier to the upward correction. On the plus side, ADA will rocket over the moving average lines if it recovers above the 50-day SMA. The upward momentum could pick up again. Buyers will probably drive the altcoin to retest the overhead hurdle at $0.60. In contrast, if ADA/USD fails to rise above the moving average lines, it will be forced to trade in a range between them. In addition, ADA can decline to $0.36 low.
Cardano (ADA) Indicator Analysis
Cardano is at level 51 on the Relative Strength Index for period 14 as a result of the most recent pullback. It suggests that the ADA price has achieved supply and demand parity. The current downward momentum has reached bearish fatigue. The daily stochastic for Cardano is below the 40% range.
Technical indicators:
Major supply zones: $1.0, $1..05, $1.10
Major demand zones: $0.45, $0.40, $0.35
What Is the Next Move for Cardano (ADA)?
Cardano recovered to reach its previous highs but may revisit $0.36 low. Meanwhile, ADA corrected upward during the October 31 decline, and a candle body tested the 50% Fibonacci retracement level. According to the correction, ADA will drop to level 2.0 of the Fibonacci extension, or $0.37.
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