Cardano Loses Value as It Faces Rejection at Its $0.30 High
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Cardano (ADA) Price Long-Term Forecast: Bearish
Cardano (ADA) price has fallen below the moving average lines as it faces rejection at its $0.30 high. The cryptocurrency’s price fell to a low of $0.28 before resuming its upward correction. The 50-day simple moving average (SMA) or resistance at $0.30 has repulsed the ADA price. The selling pressure will resume as it falls to $0.26.
Previously, the price indicator anticipated that Cardano would decrease and approach the 1.618 Fibonacci extension, or $0.26 level. This is due to the July 18 upward correction.
Technical Indicators:
Major supply zones: $1.0, $1.05, $1.10
Major demand zones: $0.45, $0.40, $0.35
Cardano (ADA) Indicator Analysis
Cardano has dropped to Relative Strength Index period 14 level 45. The coin’s decline in the bearish trend zone is predicted to continue. As the crypto’s price retests the 50-day SMA, the negative trend will resume. Cardano is in a negative trend below the daily Stochastic level of 80. The coin is falling as the market approaches overbought territory.
What Is the Next Move for Cardano (ADA)?
Cardano price has slipped below the moving average lines as it faces rejection at its $0.30 high. The cryptocurrency’s price has dropped as it approaches the previous low of $0.26. The altcoin is losing value as it confronts rejection at its $0.30 high. Price movement has been delayed due to the existence of Doji candlesticks.
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