Cardano Revisits $0.44 Low as It Faces Fresh Selling Pressure
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward correction as it faces fresh selling pressure. Since June 26, ADA’s price has been on a steady decline after its rejection by the 21-day line SMA. The coin has fallen to the low of $0.44 as it retests the previous low of $0.43. On the upside, further upward moves may be restricted by the 21-day line SMA. On the downside, the ADA price may break below the $0.44 support. This will propel the altcoin to revisit the another low of $0.40. On the other hand, if the $0.44 support holds and rebounds, it may rise to $0.70 high. In the meantime, ADA is trading at $0.45 at the time of writing.
Cardano (ADA) Indicator Analysis
Cardano is at level 40 of the Relative Strength Index for period 14. The crypto is still in the downtrend zone and capable of further decline. The crypto’s price bars are below moving averages indicating a possible decline. Once price breaks above the moving averages, there will be a trend change. It is below the 40% area of the daily stochastic. ADA price 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 is in a downward move and faces fresh selling pressure. The downtrend will resume if the bears break below the $0.44 support. Meanwhile, on May 12 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 $0.35.
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