Cardano May Resume a Sideways Move as It Revisits the $0 .40 Low
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Cardano (ADA) Long-Term Analysis: Bearish
Today, Cardano’s (ADA) price has fallen to the low of $0.42 as it revisits the $0 .40 Low . The altcoin is trading at $0.44 at the time of writing. Today, Cardano is falling as sellers push Cardano to the lower price range at $0.40. On the downside, if sellers break below the $0.40 support, the downtrend will resume. Nevertheless, if the support at $0.40 holds, ADA/USD will be compelled to continue its range-bound move between $0.40 and $0.60 price levels. The range-bound levels are yet to be broken since May 12.
Cardano (ADA) Indicator Analysis
ADA is at level 39 of the Relative Strength Index for period 14. It indicates that ADA is in the downtrend zone as it continues to decline to the lower price level at $0.40. The price bars are below the moving average lines which indicates a further decline. The crypto is below the 20 % range of the daily stochastic. ADA/USD is trading now in the oversold region of the market. Further selling pressure is unlikely.
Technical indicators:
Major supply zones: $1.0, $1..05, $1.10
Major dmand zones: $0.45, $0.40, $0.35
What Is the Next Direction for Cardano (ADA)?
Cardano’s price has reached bearish exhaustion as it revisits the $0 .40 Low. Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that ADA will fall to level 1.272 Fibonacci extension or $0.394.
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