Cardano Surges Ahead but Is Stuck below $0.70 High
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward correction but is stuck below $0.70 high. ADA price is trading between the moving averages. On May 31, buyers pushed the coin to the high of $0.68 but could not sustain the bullish momentum above the $0.60 high. ADA price retraced above the 21-day line moving average and resumed consolidation above it .On the upside, if the bulls break above the 50-day line SMA, Cardano will regain bullish momentum. The altcoin will rise to the high of $0.90 or $1.20 price level. Conversely, the altcoin will resume downward correction if the bears break below the 21-day line SMA.
Cardano (ADA) Indicator Analysis
Because of the upward correction, Cardano is at level 47 of the Relative Strength Index for period 14. The crypto’s price is above the 21-day line SMA but below the 50-day line SMA. It indicates that Cardano will be in a sideways move for a few more days.ADA price is below the 80% range of the daily stochastic. It 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’s price is in an upward correction but is stuck below $0.70 high. The altcoin is attempting to break above the moving averages. The bearish scenario will be invalidated if buyers are successful. 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 $0.25.
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