ADAUSD Long-term Trend: Bearish
Supply zone: $0.1800, $0.2000, $0.2200
Demand zone: $0.1300, $0.1200, $0.1100
Over the past weeks, Cardano has been in a downtrend. Rejection to the upside was seen in the supply zone at $0.1766 last week. This led to the formation of a bearish railway track and price was brought down to $0.1401. Market keeps forming high lows and lower highs that are common features of a downward trend. Price is below the three exponential moving averages and stochastic oscillator is below the 50 percent level confirming the downward momentum.
In the week ahead, momentum to the supply zones are likely as price may retest the $0.1800 area. A break above will see the pair in the supply zone at $0.2000 while a break below the $0.1400 will see a possible retest of $0.138 the lowest since the month of March and a likelihood of dropping to the demand zones.
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