Cardano (ADA) Fluctuates Between $2.00 and $2.40, Faces Rejection at $2.40
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price has broken below the moving averages. The implication is that the market will decline as long as price bars are below the moving averages. Today, buyers are attempting to push ADA price above the $2.40 resistance. If buyers are successful and the bullish momentum is sustained, Cardano will resume upside momentum. Presently, the market is facing rejection at the $2.40 resistance. There is a likelihood that ADA price to revisit the previous low at $2.02. Nevertheless, if the bears break below the previous low, ADA will fall into a deeper correction.
Cardano (ADA) Indicator Analysis
Cardano is at level 44 of the Relative Strength Index period 14. It indicates that the crypto is in the downtrend zone and capable of falling on the downside. The 21-day and 50-day SMA are sloping downward indicating the downtrend. The altcoin is below the 40% range of 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 daily chart, the crypto fell to the previous low at $2.02 and resume consolidation between $2.02 and $2.40. Meanwhile, on September 7 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ADA is likely to fall to level 2.0 Fibonacci extension or level $0.98.
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