Cardano (ADA) Regains Bullish Momentum, Faces Rejection at $2.80
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Cardano (ADA) Long-Term Analysis: Bullish
Cardano’s (ADA) price has regained bullish momentum as the altcoin reached the previous $2.71 resistance zone. If the altcoin breaks above the $3.0 resistance zone, it will signal the resumption of the uptrend. Besides, Cardano will rise when the price bars are above the moving averages. In the previous price action, the crypto fell and found support above the 50-day SMA. Today, if price breaks above the 21-day SMA, the altcoin will rise on the upside,
Cardano (ADA) Indicator Analysis
The crypto is at level 55 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and has room to rally on the upside. The current bullish momentum has broken above the moving averages. ADA will continue to rise as long as the price bars are above the moving averages. The altcoin is hovering above the 80% range of the daily stochastic. It indicates that the crypto is trading in the overbought region of the market. The coin may resume downside.
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 4 hour chart, the crypto broke above the moving averages to reach the overbought region. Meanwhile, on September 9 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that ADA is likely to rise to level 2.618 Fibonacci extension or level $3.22.
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