Cardano Drops Sharply as It Attempts to Revisit the $0.40 Low
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward correction as it attempts to revisit the $0.40 low. The cryptocurrency declined to the low of $0.44 and pulled back. However, the selling pressure may continue to the previous low at $0.40. On the downside, if the selling pressure continues, the altcoin will decline and find support above $0.40. This implies that Cardano will resume a range-bound move between $0.40 and $0.60 price levels. On the other hand, if the bears break below the $0.40 support, the downtrend will resume.
Cardano (ADA) Indicator Analysis
ADA is at level 39 of the Relative Strength Index for period 14. It indicates that ADA is trading in the bearish trend zone as it approaches the oversold region. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. ADA is below the 40 % range of the daily stochastic. The market 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)?
On the weekly chart, Cardano’s price is in a downtrend and may further decline as it attempts to revisit the $0.40 low. On a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 28. The retracement indicates that ADA will fall to level 1.272 Fibonacci extension or level $0.372.
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