Cardano (ADA) Declines as It Faces Rejection at $1.50 High, Targets Level $1.00
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Cardano (ADA) Long-Term Analysis: Bearish
On July 4 upward correction of Cardano was repelled at the $1.50 resistance. The altcoin was compelled to resume the downward move. ADA fell but was retesting the support at $1.22 to breach it. The selling pressure will resume after this level is broken. Meanwhile, on June 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ADA is likely to fall to level 1.618 Fibonacci extension or level $1.02. From the price action, ADA has fallen to the low of $1.22.
Cardano (ADA) Indicator Analysis
Cardano has fallen to level 37 of the Relative Strength Index period 14. It indicates that ADA is in the downtrend zone and below the centerline 50. The altcoin is also approaching the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. ADA is above the 40% range of the daily stochastic. The stochastic bands are sloping horizontally.
Technical indicators:
Major supply zones: $2.00, $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 likely to resume a downward move. Initially, ADA price fell to $1.19 low as bulls bought the dips. The upward correction was short-lived as the crypto resumed a downward move. On July 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that ADA is likely to fall to level 1.618 Fibonacci extension or level $1.09.
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