Cardano Faces Rejection Twice as It Is Unable To Sustain Above $0.44

Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) price is in the bullish trend zone but it is unable to sustain above $0.44. At the $0.44 resistance, the bullish movement was resisted. The crypto’s price is currently dropping, and it can hit a low of $0.37. The $0.44 resistance blocks the upward correction. On the plus side, ADA will surpass the moving average lines if it gets above the 50-day SMA. The upward momentum could pick up again. Buyers desire to retest the overhead barrier at $0.60. In contrast, if ADA/USD fails to move above the moving average lines, it will be forced to trade in a range between them. After a few days of sideways trading, Cardano may plummet to a low of $0.37.

Cardano (ADA) Indicator Analysis
Due to the most recent decrease, Cardano is at level 45 on the Relative Strength Index for period 14. The price bars are situated between the moving average lines, therefore there is a chance of a sideways movement between them. Cardano is now below the daily stochastic level of 20. This represents a bearish depletion.

Technical indicators:
Major supply zones: $1.0, $1..05, $1.10
Major demand zones: $0.45, $0.40, $0.35

What Is the Next Move for Cardano (ADA)?
Cardano’s price has been falling since November 5 but it is unable to sustain above $0.44. With the altcoin hitting a low of $0.37, bearish fatigue has been reached. In the meantime, ADA corrected upward during the downturn of November 7 and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, ADA will drop to 1.618 Fibonacci extension level, or $0.37.

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