Cardano Holds above $0.73 as Bears Attempt to Break Current Support
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downtrend as bears attempt to break current support. Today, the cryptocurrency is still consolidating above the $0.73 support but sellers are attempting to break below the current support. Yesterday, Cardano was repelled as buyers failed to keep the price above the $0.90 high. . Consequently, the altcoin has been falling from the high of $0.90. The bears are now retesting the $0.73 support. The bulls have been defending the current support aggressively. The market will decline to $0.68 if the current support is breached. Cardano will rally above the moving averages if the bulls break the resistance at $0.90. The bullish momentum will extend above $1.00.
Cardano (ADA) Indicator Analysis
Cardano is at level 40 of the Relative Strength Index for period 14. ADA price is trading in the downtrend zone as it is prone to decline to the downside. ADA price is below the 40% range of the daily stochastic. It indicates that the market is in the bearish momentum. Cardano has a bearish crossover. That is, the 21-day line SMA crosses below the 50-day line SMA. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.
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 downward move has reached bearish exhaustion as bears attempt to break current support. The altcoin is consolidating above the $0.73 support. Meanwhile, on April 18 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 $0.78. From the price action, the coin has fallen below the level 1.272 Fibonacci extension.
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