Cardano Trades in a Tight Range as It Holds Strongly Above $0.44
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downtrend as it holds strongly above $0.44 . Since May 12, the price action has remained the same. For the past month, the bulls have failed to break above the moving averages. Buyers were able to trade between the moving averages and later be driven below the 50-day line SMA. ADA price has been fluctuating between $0.44 and $0.70 price levels.
However, it is presently fluctuating between $0.44 and $0.55 price levels. On the downside, if the bears break the current support, the market will decline to the previous low at $0.40. However, if the altcoin loses the $0.40 support, the downtrend will resume. Conversely, if Cardano holds above $0.44 support and rebounds, it will rally above the moving averages
Cardano (ADA) Indicator Analysis
ADA is at level 46 of the Relative Strength Index for period 14. It is trading in the bearish trend zone and may further decline. ADA’s price bars are below moving averages indicating a possible decline. The 21-day line SMA is acting as the resistance to the price bars. It is above the 40% area of the daily stochastic. ADA price is in a bullish 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 downtrend as it holds strongly above $0.44. The altcoin fluctuates between $0.44 and $0.55 price levels. The downtrend will resume when 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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