Cardano Rebounds but It Is Stuck at the $0.85 High
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward correction as price is stuck at the $0.85 high. Cardano is likely to reclaim the $1.00 crucial support if price breaks above the 21-day line moving average. Today, the bulls are retesting the 21-day line moving average which is an overbought region of the market. ADA/USD will fall if the altcoin turns from the moving average lines. Cardano will decline to the previous low at $0.74. Nonetheless, if the bulls defend the $0.74 support, ADA/USD will be compelled to a range-bound move between $0.74 and $0.85 price levels.
Cardano (ADA) Indicator Analysis
With the recent upward move, Cardano is at level 46 of the Relative Strength Index for period 14. It is in the bearish zone and below the centerline 50. Similarly, ADA is above the 80% range of daily stochastic. The current bullish move has reached the overbought region of the market. The altcoin is likely to fall to the previous low at $0.74.
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)?
ADA/USD is in an upward move as price is stuck at the $0.85 high. The current uptrend is facing rejection twice at the $0.85 high. Meanwhile, on March 17 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that ADA will rise to level 2.0 Fibonacci extension or $0.92. From the price action, ADA price is stuck at level $0.85.
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