Cardano Is in a Downward Correction but Risks Further Decline to $0.74
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downtrend but risk further decline to $0.74 . Today, ADA price has fallen to the low of $0.84. However, since February 21, ADA/USD has been trading above the $0.85 support. Buyers have been defending the current support. However, on February 24 breakdown, ADA price crashed to $0.74 low but the bulls bought the dips. Buyers recouped above the $0.85 support. Today, the bears have pushed the price to the low of $0.84 at the time of writing.
Cardano (ADA) Indicator Analysis
Cardano is at level 36 of the Relative Strength Index for period 14. ADA is in the downtrend zone and below the centerline 50. The altcoin is approaching the oversold region of the market. ADA is capable of a further downward move. It is below the 50% range of daily stochastic. The market has resumed 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)?
ADA/USD is in a downtrend but risk further decline to $0.74. The crypto’s price has broken below the $0.85 support and is approaching the $0.74 low. Meanwhile, on December 4 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall but reverse at level 1.272 Fibonacci extension or $0.89. From the price action, ADA price has broken beyond the 1.272 Fibonacci extensions but it is approaching the low of $0.85.
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