ADAUSD Long-term Trend -Bullish
Supply zone: $0.3200, $0.3400, $0.3600
Demand zone: $0.1800, $0.1600, $0.1400
The bulls are still dictating Cardano‘s movement in the long-term. The bullish takeover was well analyzed the previous week with the price getting to the $0.2500 supply area. We also saw the bulls taking the price to the $0.2800 supply area. The price is above the three moving averages crossover. This implies that the bulls are still much on the ground. The moving averages are fanned apart, signaling strength within the context of the trend. The nice doji formation after the bearish candle is a good reversal signal for an uptrend. Although the stochastic oscillator is in the overbought region, it shows no sign of downward momentum
Cardano’s upward movement will continue in the week ahead. A retest at the $0.300 supply area is expected and this will likely set up the bullish move to the $0.3400 supply area. This was the price’s high in February and a retest of the area is much probable. The bears may set in intermittently for selling opportunities and this should be seen as a market correction. Traders should take this as buying at key demand areas as the bulls rule the market on the long-term.
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