Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bullish

Supply zones: $0.3200, $0.340, $0.360

Demand zones: $0.180, $0.160, $0.140

Cardano‘s bullish takeover continues in grand style. The $0.3000 supply area predicted last week was broken by the bulls’ massive presence. The price was pushed higher to $0.3102. This was the supply area it reached on 5th of March. The double top formation at the $0.300 supply zone set the stage for the bears. They drag the price down to the $0.2700 demand area. The price is currently within the three exponential moving averages. A breakout to the upside is coming as more buyers set in. The Stochastic Oscillator is in the oversold region at 28.73% with its signal strength pointing up. This means that an upside momentum is very much possible. A retest of the supply area at $0.300 is certain. A daily close above this supply area will see Cardano touch the 0.3200 supply area in the medium-term

ADAUSD Short-term Trend: Bullish

Cardano, ADAUSD, Cryptocompare chart

The uptrend momentum is valid for Cardano in the short-term. The day’s open at $0.2864 was quite high but below the three moving averages crossover, which indicates the bears’ presence. The pressure pushed the price to the demand area, at $0.280. A nice double bottom formation at this area set the stage for the bulls’ comeback. More bullish candles will be formed above the three moving averages crossover as the momentum to the upside increased. The trendline above is likely to be broken as the price will be making the fourth touch on it. A retest of the $0.300 supply area is imminent.

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