ADAUSD Medium-term Trend: Bullish
Supply zones: $0.240, $0.260, $0.280
Demand zones: $0.150, $0.140, $0.130
Yesterday, Cardano‘s bullish move was quite interesting. The pair broke through the supply zones at $0.200 and $0.220. It retested the $0.220 area which was the supply zone of 14th and 21st of March, and created a nice triple top. This is a reversal pattern. We are likely to see a minor correction to the downside in the market today. Bear pressure was rejected at $0.1900 yesterday, leading to the bulls pushing price to the supply area at $0.22. The three exponential moving averages are fanned apart, meaning more bullish pressure. The daily candle opened above the moving averages crossover at $0.211, a nice indication that the bulls are fully in charge. A move to the supply zone at $0.240 is likely in the medium term.
ADAUSD Short-term Trend: Bullish
The bulls are really having a nice time in Cardano’s short-term outlook. They pushed the price to a unique high of $0.2208 early this morning. Candles formed and closed above the three exponential. The price is forming a higher high and low, which are characteristic of an uptrend. The Stochastic Oscillator is in the oversold area, meaning the momentum to the upside is likely. Bears pressure could be seen at supply zones, but this will certainly be overcome by the bulls that are much in control. Cardano may test the supply zones at $0.240, as more buyers jump into the train.
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