Cardano Faces Three Rejections and Runs the Risk of Declining at $0.37
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Cardano (ADA) Price Long-Term Forecast: Bullish
Cardano (ADA) price is ascending as it faces three rejections. Buyers will attempt to break the resistance at $0.37 for the third time today. If the price breaches the resistance level, Cardano will reach its all-time high of $0.43. Due to the cryptocurrency asset’s overbought region, buyers have twice failed to keep the price above the resistance level.The price of Cardano reached bullish exhaustion as the market entered an overbought region of around $0.37. Despite being overbought, a market that is strongly trending is likely to move higher in the future. However, if Cardano is rejected at the current high, it will probably lose ground. It could first fall to $0.29, the breakthrough price. The altcoin will fall even further, to a low of $0.24, if the support level of $0.29 is broken.
Cardano (ADA) Indicator Analysis
Cardano is trading at level 74 of the Relative Strength Index for period 14. ADA is prone to decline as sellers emerge in the oversold region. The altcoin is rising as price bars are above the moving average lines. The altcoin will decline once the price bars are below the moving average line. Presently, Cardano is above level 80 of the daily Stochastic. It indicates that the bullish momentum is reaching exhaustion.
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 is making an upward correction as it faces three rejections. The upward move has been repelled twice by the resistance at $0.37. The current upward move is doubtful as the market reaches the overbought region of the market. Cardan is prone to decline if it fails to break the recent high.
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