Cardano Is in an Upward Correction but Faces Stiff Resistance at $0.65
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in an upward correction as it faces stiff resistance at $0.65 . ADA’s price breaks above the 21-day line SMA and retests the 50-day line SMA. The bulls could not sustain the bullish momentum above the 50-day line SMA as the altcoin retraced above the 21-day line SMA. The cryptocurrency is now trading between the moving averages and the altcoin will trend when the moving lines are breached. A break above the 50-day line SMA will signal the resumption of the uptrend. Cardano will rise and revisit the previous highs of $0.89 and $1.00. Similarly, if the bears break below the 21-day line SMA, the downtrend will resume. Cardano will decline and revisit the previous lows of $0.44 and $0.40.
Cardano (ADA) Indicator Analysis
Cardano is at level 46 of the Relative Strength Index for period 14. ADA’s price is above the 21-day line SMA but below the 50-day line SMA. It indicates that Cardano will be in a sideways move for a few more days.ADA price is below the 80% range of the daily stochastic. It is in a bearish momentum.
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 an upward correction. The altcoin is likely to be in a sideways move between the moving averages lines. 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 $0.25.
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