ADAUSD Long-term Trend -Bullish
Supply zone: $0.4000, $0.4200, $0.4400
Demand zone: $0.2200, $0.2000, $0.1800
Cardano‘s long-term outlook remains bullish. As analysed in the previous week, that $0.3400 supply area was set for a retest, Cardano did just that and pushed higher to $0.3867. The pullbacks that saw Cardano at the $0.2600 demand area were a market correction. The 26 exponential moving averages acted as a good support for a downward rejection. The bulls came in strongly at this point and drove the price to the moon. Cardano opens the week on a bullish style at $0.3567, above the three moving averages crossover. This clearly indicates a bullish pressure and more bullish candles are expected to form above the crossover. The moving averages are likewise fanned apart which implies a strength in the context of the trend, in this case, the uptrend.
Cardano’s uptrend continuation is certain, with $0.4600 supply area as the target. This was February’s high on the 10th and a retest of the area is highly probable. A break and close of the price above the $0.4000 supply area will justify this. Buying opportunities abound in Cardano, especially at important demand areas around the moving average. The bullish Pinbar should be seen as a good entry point for a comfortable journey to the north.
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