Cardano Holds above $0.44 as Bulls Provide Stiff Resistance
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward correction as bulls provide stiff resistance. Since May 12, the bulls have been defending the previous low of $0.44. In the previous price action, buyers pushed the coin upward but failed to break above the 50-day line SMA. On June 13 price slump, the bears retested the $0.44 support but were repelled. ADA price makes an upward correction but was resisted at the 21-day line SMA. The upward moves have been restricted by the 21-day line SMA as the altcoin trades in a tight range. On the downside, if the bears break below the $upport, ADA will decline to $0.40 low.
Cardano (ADA) Indicator Analysis
Cardano is at level 41 of the Relative Strength Index for period 14. It indicates that Cardano is in the downtrend zone and may further decline. The crypto’s price bars are below the moving averages indicating a further downward move. ADA price is below the 20% range of the daily stochastic. ADA is in the oversold region.
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)?
Cardano’s price is in a downward correction as bulls provide stiff resistance.The bulls are still providing stiff resistance at the bottom of the chart. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall to level 1.272 Fibonacci extension or $0.35.
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