Cardano Rebounds above $0.74 as Bulls Attempt to Reclaim the $1.00
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Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward correction as bulls attempt to reclaim the $1.00 . After losing the $1.00 crucial support, Cardano has been consolidating above the $0.85 support since February 21. However, on February 24, ADA price plunged to $0.74 low as bulls bought the dips. The cryptocurrency has pulled above $0.85 support and it is consolidating above it. On the upside, if price rebounds above the $0.85 support, ADA will rise and retest the $1.26 resistance. A break above the resistance will catapult the altcoin above the moving averages.
Cardano (ADA) Indicator Analysis
Cardano is at level 35 of the Relative Strength Index for period 14. The altcoin is approaching the oversold region and it is below the centerline 50. The market is capable of a further downward move. ADA is above the 50% range of daily stochastic. The market has resumed bullish momentum as altcoin approaches the overbought region.
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 downtrend has eased after falling to the low of $0.74 low as bulls attempt to reclaim the $1.00. The altcoin has resumed its upward move as price rebounds above the current support. Meanwhile, on February 22 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall but reverse at level 1.272 Fibonacci extension or $0.73.
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