ADAUSD Medium-term Trend: Bullish
Supply zones: $0.180, $0.200, $0.220
Demand zones: $0.130, $0.120, $0.110
The bulls are still in control of Cardano. The price was push to the supply zone of $0.1601 earlier today. This was higher than the previous day high, confirming the bull dominance. The daily candle opened above the 12 exponential moving average and shows we are likely to witness movement to the upside. Stochastic oscillator is above the 50 percent level which is the buyers’ zone, with strong signal strength to the upside. Potential for a retest of the supply zone at $0.16 is likely, which may lead us to the $0.170 area. Although minor pull back may occur, a breakdown to the demand zone at $0.13 is not likely in the medium term.
ADAUSD Short-term Trend: Bullish
Cardano’s uptrend continues today, although the sellers pushed the price down to the demand zone at $0.145 from a high of $0.1601. This is a minor pull back. A large bullish candle leaving this zone is indicative of the bulls’ presence. Candles closed and formed above the three exponential moving averages cross over show more momentum to the north. Traders should watch for a break and close above the supply zone at $0.160, with bullish engulfing candles for further uptrend confirmation.
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