Cardano Rises from Oversold Region but Struggles below $0.60 High
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward move but struggles below $0.60 high. The cryptocurrency plunged to the low of $0.40 on May 12. The bulls bought the dips as the altcoin resumed upward correction. The upward move reached the high of $0.60 and pulled back. Buyers could not push the cryptocurrency above the next resistance. Nonetheless, the ADA’s price is now fluctuating between $0.40 and $0, 60 price levels. On the upside, if the bullish momentum is sustained above $0.60 high, ADA/USD will rally to the high of $0.80. On the other hand, if the bears break below the $0.40 support, Cardano will decline to $0.26 low.
Cardano (ADA) Indicator Analysis
Cardano is at level 31 of the Relative Strength Index for period 14. ADA price has fallen to the oversold region of the market. Buyers have emerged as the altcoin resumed upward correction. ADA price is above the 25% range of the daily stochastic. It indicates that the market is in the bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.
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’s price has fallen deeply to the oversold region of the market but struggles below $0.60 high. ADA price is fluctuating above the current support. Meanwhile, on May 12 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 $0.26.
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