Cardano Resumes Selling Pressure as the Altcoin Faces Rejection at $0.97

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Cardano (ADA) Long-Term Analysis: Bearish
Since April 11, Cardano’s (ADA) price has fallen below the moving averages as the altcoin faces rejection at $0.97 . Later it resumed consolidation above the $0.91 support. In the previous price action, Cardano reached the high of $1.20 but was repelled. On April 21, the cryptocurrency faced another rejection at the 50-day line SMA as the altcoin resumed selling pressure to the downside. On the downside, if the selling pressure persists, Cardano will decline to the lows of either $0.77 or $0.74. Today, the market has declined to the low of $0.89 at the time of writing.

Cardano (ADA) Indicator Analysis
Because of the recent downtrend, Cardano is at level 38 of the Relative Strength Index for period 14. The altcoin is approaching the oversold region of the market. Today, the altcoin is falling because the crypto’s price is below the moving averages. The 21-day line and 50-day line SMAs are sloping downward indicating a downtrend. ADA price is below the 20% range of the daily stochastic. It indicates that the market has reached 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 has resumed a fresh downward move as the altcoin faces rejection at $0.97. Meanwhile, on April 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 $0.77.

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