Cardano Breaks Resistance at $0.55 as It Targets the $0.66 High
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Cardano (ADA) Long-Term Analysis: Bullish
Cardano’s (ADA) price is in an upward correction as it targets the $0.66 high. The bulls broke the resistance at $0.55 to reach the recent high. After a pull back the uptrend is ongoing. On the upside, if the bulls breach $0.58 high, the market will rally to the high of $0.66 high. On the other hand, if the altcoin turns from the recent high, it will decline above the $0.50 support or the 21-day line SMA.
Cardano (ADA) Indicator Analysis
ADA is at level 59 of the Relative Strength Index for period 14. It indicates that ADA is trading in the bullish trend zone and may further rise. The 21-day line SMA and the 50-day line SMA are sloping upward indicating an uptrend. ADA is below the 40 % range of the daily stochastic. The market is in a bearish momentum.
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)?
On the 4-hour chart, Cardano’s price is in a downtrend as it targets the $0.66 high. On August 14 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ADA will fall to level 1.618 Fibonacci extension or level $0.54. The selling pressure has subsided.
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