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07/27/2022

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Cardano Consolidates in a Range as It Faces Strong Rejection at $0.65

The post Cardano Consolidates in a Range as It Faces Strong Rejection at $0.65 appeared on BitcoinEthereumNews.com. Jul 27, 2022 at 12:25 // Price The price of Cardano (ADA) is in a sideways movement as the bears try to...

Cardano Consolidates in a Range as It Faces Strong Rejection at $0.65

Jul 27, 2022 at 12:25 // Price

The price of Cardano (ADA) is in a sideways movement as the bears try to break above the moving average lines. The cryptocurrency is fluctuating between $0.40 and $0.65 price levels.


The bears have broken below the moving average lines, but the altcoin is holding above the 21-day line SMA. Selling pressure will increase when the moving average lines are broken. However, the market will fall to the low of $0.40. However, if the 21-day line SMA holds as support, ADA will be forced to move between the moving average lines. At the time of writing, the cryptocurrency is trading at $0.47.


Cardano indicator analysis


ADA is at level 48 on the Relative Strength Index for period 14, indicating that the altcoin is in a downtrend and could continue to decline. ADA is currently below the 20% area of the daily stochastic. The market has reached the oversold area. Further selling pressure is unlikely.


ADAUSD(Daily_Chart)_-_July_27.png


Key Resistance Zones: $0.60, $0.70, $0.80



Key Support Zones: $0.50, $0.40, $0.30


What is the next move for Cardano?


Cardano is in a sideways movement. The uptrend will resume when the price breaks above the high of $0.65. In the meantime, the price movement is characterized by small indecisive candlesticks. The candlesticks indicate that buyers and sellers are undecided about the direction of the market.


ADAUSD(Daily_Chart_2)_-_July_27.png


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 CoinIdol. Readers should do their own research before investing funds.

Source: https://coinidol.com/cardano-strong-rejection-0-65/

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