Cardano Faces Rejection at $0.37 as It Declines to $0.34
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Cardano (ADA) Price Long-Term Forecast: Bearish
The price of Cardano (ADA) is falling as it declines to $0.34. The value of the cryptocurrency fell to a low of $0.35 before starting to consolidate again above the level of the previous support. The altcoin’s high of $0.37 is acting as resistance as it fluctuates. The historical price level of January 2022 has served as the current support level at $0.35. ADA will continue to fall if the current support is violated. The altcoin will drop even more, reaching lows of $0.34 and $0.32. Cardano has since dropped to a low of $0.36 at the time of writing.
Cardano (ADA) Indicator Analysis
Cardano is currently trading at level 44 for period 14 of the Relative Strength Index. It suggests that ADA is in a downward trend and might continue to fall. Additionally, the selling pressure might persist because the price bars are below the moving average lines. The altcoin is currently bullish above the daily Stochastic level of 40.
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 faces rejection at the recent high as it declines to $0.34. The price indicator suggests that ADA may continue to fall. ADA made an upward correction during the February 22 downtrend, 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 $0.34.
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