ADAUSD Medium-term Trend: Bullish
Supply zones: $0.260, $0.280, $0.300
Demand zones: $0.140, $0.130, $0.120
Cardano‘s bullish trend is still valid in the medium term outlook. The pair opened the day at $0.2419, within the exponential moving averages 12 and 26.This is still a good buying area. The consolidation is what is currently happening in the pair and this is expected for a market correction. The Stochastic Oscillator is in the oversold region and pointing up, meaning a momentum to the upside is coming. As long as the demand zone at $0.24 is not broken by the bears, there exists a great possibility for the bulls’ comeback. The long bullish candle leaving the demand zone signals the bulls’ strong comeback and it will likely take the price to the supply zone at $0.280 first, before the $0.30 supply area.
ADAUSD Short-term Trend: Ranging
Cardano is currently in a ranging situation. The pair is trading between the supply zone a t$0.275 and the demand zone at $0.240. The Stochastic Oscillator is in the oversold area above the 50 percent level, meaning a momentum is likely. Traders should wait for more candles to form and close above the three exponential moving averages crossover before going long. Also, the pullbacks are market corrections which will set Cardano up for a good long buying spree.
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