ADAUSD Medium-term Trend: Bullish
Supply zones: $0.180, $0.200, $0.220
Demand zones: $0.130, $0.120, $0.110
Cardano‘s medium term outlook is bullish. The market opens the day higher ($0.1539) in comparison to yesterday’s open ($0.1501). Yesterday’s minor pull back gave strength to the uptrend continuation as predicted. The daily candle closed above the 12 exponential moving average; this could be interpreted as bull pressure. Stochastic oscillator is heading up now above the 50 percent level. The price is forming a higher high and low, which is characteristic of an uptrend. The price broke the supply zone in the $0.160 area, as predicted yesterday. Looking at the chart above, a break of the trend line is very significant. It means the bulls are in full dominance of the market and a supply zone at $0.17 is very likely.
ADAUSD Short-term Trend: Bullish
A bullish trend continuation is seen in Cardano’s short term outlook. The supply zone at $0.158 was broken after a brief consolidation. This happened with a long bullish candle, and made a push into the $0.160 area. Candles formed and closed above the three exponential moving averages crossover, signifying more bullish pressure. Stochastic oscillator is in overbought but its signal strength is up, meaning more momentum to the upside. A break and close of the bullish candles above the supply zone at $0.160 would likely trigger the bulls, pushing the price to the $0.170 supply area.
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