Cardano (ADA) Long-Term Analysis: Bearish
Cardano’s (ADA) price is in a downward move but struggles below $0.60 high. The cryptocurrency plunged to the low of $0.40 on May 12. The bulls bought the dips as the altcoin resumed upward correction. The upward move reached the high of $0.60 and pulled back. Buyers could not push the cryptocurrency above the next resistance. Nonetheless, the ADA’s price is now fluctuating between $0.40 and $0, 60 price levels. On the upside, if the bullish momentum is sustained above $0.60 high, ADA/USD will rally to the high of $0.80. On the other hand, if the bears break below the $0.40 support, Cardano will decline to $0.26 low.
Cardano (ADA) Indicator Analysis
Cardano is at level 31 of the Relative Strength Index for period 14. ADA price has fallen to the oversold region of the market. Buyers have emerged as the altcoin resumed upward correction. ADA price is above the 25% range of the daily stochastic. It indicates that the market is in the bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.
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