Cardano Faces Rejection at $0.49 as It Revisits the Low of $0.40
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downtrend as it revisits the low of $0.40. Since the August 19 price slump, buyers have not been able to keep the price above the moving average lines. This is because the bears have been selling at each rally. On September 17, the bulls break above the 21-day line SMA but failed to breach the 50-day line SMA. This contributed to the current decline on the downside. Today, the crypto’s price is hovering above the $0.43 support. The bears will try to sink the price below the support at $0.40. ADA/USD has been range bound between $0.40 and $0.60 price levels. A break below the $0.40 support will cause the altcoin to decline to lows of $0.33 and then $0.28 price levels.
Cardano (ADA) Indicator Analysis
The crypto is at level 42 of the Relative Strength Index for period 14. It is in the downtrend zone and may further decline. Cardano is below the 40% range of the daily stochastic. ADA/USD is in a bearish momentum. The moving average lines are sloping horizontally indicating a sideways trend.
Technical indicators:
Major supply zones: $1.0, $1..05, $1.10
Major demand zones: $0.45, $0.40, $0.35
What Is the Next Direction for Cardano (ADA)?
On the 4 –hour chart, Cardano’s price is in a downward move as it revisits the low of $0.40. The upward correction is facing rejection. Meanwhile, on September 13 downtrend, 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 $0.394.
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