ADAUSD Medium-term Trend: Bullish
Supply zones: $0.300, $0.320, $0.340
Demand zones: $0.180, $0.160, $0.140
Cardano remains bullish in the medium-term. Today’s opening price was $0.2703, quite higher than yesterday’s open at $0.2611.This is above the three exponential moving averages crossover, implying bullish pressure. The exponential moving averages are fanned apart, suggestive of more strength in the context of the trend. The nice double top formation at yesterday’s $0.2756 supply zone had little impact. The bears managed to push the price to $0.2600 demand area, as the moving averages acted as strong resistance before the buyers came in and drove the price to the supply zone at $0.2837. The price continues to form higher highs and higher lows, which are characteristics of uptrend scenarios. the Stochastic Oscillator is in the overbought area at 87.98%, with its signal up, meaning a momentum to the upside is much likely. A $0.300 supply area is much likely, as more buyers come into the market in the medium term.
ADAUSD Short-term Trend: Bullish
Cardano’s bullish trend in the short term was much expected, as analysed yesterday. The breakout to the upside from the range ($0.275 – $0.240) was predicted. The critical demand zone of $0.260 played out well as more buyers came and pushed the price to the $0.2837 supply zone. The pullback to the $0.260 supply area is going to be interesting, as sellers would want to make a statement and drag the price there. This will be rejected by the bulls as we are likely to see the double bottom formation in this demand area. As more candles formed and closed above the three exponential moving averages crossover, the buyers will possibly push the price to the much anticipated $0.300 supply area.
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