Cardano Is in a Tight Range as It Faces Rejection at $0.54
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
Free Crypto Signals Channel
Free Telegram Channel
Cardano (ADA) Long-Term Analysis: Ranging
Cardano’s (ADA) price has been in a sideways move as it faces rejection at $0.54. On July 18, the bulls broke above the moving average lines but pulled back below the 50-day line SMA. The altcoin will trend when the moving average lines are breached. On the downside, if the bears break below the 21-day line SMA, the altcoin will decline to the low of $0.41. Similarly, if ADA rebounds above the current support, the crypto’s price will break the 50-day line SMA. The bullish momentum will extend and break the $0.70 resistance.
Cardano (ADA) Indicator Analysis
Cardano is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand.ADA is trading in the bullish trend zone and it may further rise. The altcoin’s price bars are between the moving average lines indicating a range-bound move. It is below the 20% area of the daily stochastic. ADA price has fallen to the oversold region of the market. Buyers will be attracted to the oversold region of the market.
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 is in a sideways move after facing rejection at the $0.54 high . The price bars have fallen between the moving average lines. The implication is that Cardano will be fluctuating between the moving average lines. The altcoin will trend when the moving average lines are broken.
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
