CryptoSignals News
Join our Telegram

Cardano Revisits the $0.78 Low as Bulls Defend Current Support

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

Cardano Revisits the $0.78 Low as Bulls Defend Current Support
telegram

Free Crypto Signals Channel

More than 50k members
Technical analysis
Up to 3 free signals weekly
Educational content
telegram Free Telegram Channel


Cardano (ADA) Long-Term Analysis: Bearish
Since April 11, Cardano’s (ADA) price has fallen below the moving averages as bulls defend current support . ADA’s price  fell and revisited the previous lows of February and March. In other words, Cardano fell significantly to the low of $0.78. The cryptocurrency has reached the historical price level of March. Cardano has fallen to the oversold region of the market. This current support was held in the previous price action in March. On March 14, the altcoin rebounded above the current support and rallied to the high of $1.15. Today, the current support is likely to hold as the market reaches the oversold region. However, if the bears break the current support, the market will further decline to the low of $0.74.

Cardano (ADA) Indicator Analysis
Cardano is at level 32 of the Relative Strength Index for period 14. The altcoin will reach the oversold region at level 30 of the RSI for period 14. The current price fall will soon reach bearish exhaustion. Also, ADA has a bearish crossover. That is, the 21-day line SMA crosses below the 50-day line SMA indicating a sell order. Already, ADA price is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region.

Cardano Revisits the $0.78 Low as Bulls Defend Current Support
ADA/USD – Daily Chart

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)?
Cardano has fallen to the previous low at $0.78 as bulls defend current support . Since the market has reached the oversold region, the downtrend is likely to end. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ADA will fall to level 1.272 Fibonacci extension or $0.82. From the price action, the coin has fallen below the level 1.272 Fibonacci extension.

Cardano Revisits the $0.78 Low as Bulls Defend Current Support
ADA/USD – Daily Chart


You can purchase crypto coins here. Buy LBlock


Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Recent News

February 09, 2024

Ethereum Rebounds As It Regains The $2,400 Support Level

Ethereum Price Long-Term Analysis: BullishEthereum’s (ETH) price has resumed positive momentum as it regains the $2,400 support level. Since the January 23 price drop, Ethereum has traded in a bearish trend zone. On February 6, 2024, the altcoin rallied to a peak of $2,464. Buyers have kept t...
Read More
November 03, 2022

Binance Coin Enters Overbought Region as It Threatens the $336 High

Binance Coin (BNB) Long-Term Analysis: BullishBinance Coin’s (BNB) price is in an uptrend as it threatens the $336 high. The upward trending momentum has continued to retest the $336 overhead resistance. Since October 31, purchasers have been unable to maintain the upward trend above the $336...
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram