Cardano Faces Rejection at $0.51 as It Resumes the Sideways Trend
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price breaks above the 50-day line SMA but faces rejection at $0.51 as it resumes the sideways trend. On the upside, if price holds above the 50-day line SMA, the cryptocurrency will rise and retest the $0.60 overhead resistance. The current range-bound move may terminate if price breaks above the resistance at $0.60 and the bullish momentum is sustained. Conversely, if price breaks below the 50-day line SMA, the range-bound move will resume. The crypto may further decline to the lows of $0.42 and $0.40 price levels.
Cardano (ADA) Indicator Analysis
ADA is at level 52 of the Relative Strength Index for period 14. It is in the bullish trend zone because of the recent upward correction. ADA’s price bars are above the moving average lines indicating a possible upward move. Cardano is below the 40% range of the daily stochastic. ADA/USD is in a bearish momentum.
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)?
Cardano’s price is in a downward correction but faces rejection at $0.51 as it resumes the sideways trend. The altcoin has been in a sideways trend since May 12. The cryptocurrency has been trading between $0.40 and $0.60 price levels. The range bound levels have not been broken for the past four months. The upward move will resume if the current support holds. The sideways move will resurface if the current support is breached.
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