Cardano Is Overbought And Faces Rejection At $0.30

Jul 13, 2023 at 07:11 // Price

Cardano has reached a point of bullish exhaustion

Cryptocurrency analysts of report, Cardano’s (ADA) price trend has remained steady since June 10.

Cardano price long-term forecasts: bearish

Although the downtrend has eased, the cryptocurrency has not yet fully recovered. The price of the cryptocurrency oscillates between $0.25 and $0.30. The bulls have tested the resistance level several times, but were beaten back each time. The cryptocurrency will fully recover when it rises above the moving average lines or breaks the $0.30 resistance level.

The associated positive momentum will extend to a high of $0.40. However, the 21-day line SMA and resistance at $0.30 have slowed the upside. On the downside, the bulls have successfully defended the current support level. The extended candle tail on June 10 indicates significant buying demand at a lower price level.

Cardano indicator analysis

Cardano is currently trading with a Relative Strength Index of 50 for the period 14. This means that the market has reached its price equilibrium. Demand and supply are considered to have reached equilibrium. As long as the price bars are between the moving average lines, the current range bound trend could continue. The altcoin is stuck in a range at the bottom of the chart. ADA is currently above the Relative Strength Index value of 80, indicating that the altcoin will lose value.

ADAUSD_(Daily Chart) – July 12.23.jpg

Technical Indicators 

Key Resistance Zones: $0.30, $0.35, $0.40

Key Support Zones: $0.20, $0.15, $0.10

What is the next step for Cardano?

Cardano has reached a point of bullish exhaustion. At its recent high, altcoin is facing rejection. The altcoin is also trading in the overbought zone of the market. If sellers appear in the overbought sector of the market, the altcoin will fall.

ADAUSD(4 –Hour Chart) – July 12.23.jpg

On Jun 28, 2023, reported that: In short, the price of the cryptocurrency asset is between $0.24 and $0.30. Since June 10, the altcoin has been in a narrow price range.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their own research before investing in funds.


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