Cardano Rises but Is Vulnerable to Selling Pressure below the $0.35 Low
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano (ADA) is rising but vulnerable to selling pressure below the $0.35 low. The bearish trend paused on May 8 as ADA continued to trade inside its range. Selling pressure on the downside may resume if the price falls below the $0.35 support level. On the other hand, if buyers can keep the price above either the resistance at $0.39 or the moving average lines, Cardano will restart its upward trajectory. As of this writing, Cardano is trading for $0.38 per unit. On the downside, the existing support has been maintained for the last week. However, the price signal still suggests that Cardano will continue to lose ground until it reaches its previous bottom at $0.32. It is currently correcting upward. ADA will drop to the level of the 1.618 Fibonacci extension, or $0.32 if the existing support at $0.35 is beached.
Technical indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.45, $0.40, $0.35
Cardano (ADA) Indicator Analysis
Cardano is at level 43 on the Relative Strength Index for period 14. In the area of the negative trend, ADA is vulnerable to additional selling pressure. Because the price bars are below the moving average lines, the altcoin is falling. Cardano has positive momentum when the daily Stochastic threshold of 25 is exceeded. The rate of the upward trend has been slowed by the rejection.
What Is the Next Move for Cardano (ADA)?
Cardano has managed to keep its price above the current support but is vulnerable to selling pressure below the $0.35 low. The upward correction will be rejected by the overbought area at $0.38. It appears that Cardano will begin to decline once it encounters resistance at the most recent high.
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