Cardano Is in an Upward Correction but Faces Rejection at the $0.50 High
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downtrend but faces rejection at the $0.50 high. Buyers could not sustain the bullish momentum above the moving average lines as the altcoin declined below the 50-day line SMA. Cardano is fluctuating between the moving average lines. The implication is that ADA will resume a range-bound move between the moving average lines. The coin will trend when the range-bound levels are breached. Cardano will resume uptrend when the 50-day line SMA is breached. The coin will decline when price breaks below the 21-day line SMA.
Cardano (ADA) Indicator Analysis
ADA is at level 52 of the Relative Strength Index for period 14. It is in the uptrend trend zone and may rise. The coin will resume a sideways move as it fluctuates between the moving average lines. The crypto 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 sideways trend but faces rejection at the $0.50 high. The upward correction has terminated as the altcoin declines. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that ADA will fall but reverse at level 1.272 Fibonacci extension or $0.394.
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