Cardano Price Analysis - April 24

  • Bullish takeover of both medium and short-term baises continues
  • Pullbacks are opportunities for responsible buying, especially at key demand areas.

Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bullish

Supply zones: $0.3400, $0.360, $0.380

Demand zones: $0.180, $0.160, $0.140

Cardano bullish trend continues. Daily candle opened at $0.2866 above the three moving averages crossover, suggest more buyers are in the market. The three exponential moving averages are fanned apart suggestive of strength in the context of the trend, in this case, an uptrend. Hence we are bound to see more upward moves.

Price moved to the $0.300 supply area earlier in the day, but the bears pushed price back down to the $0.2900 demand area around the 12 exponential moving average. Buyers are coming back and price is likely to make another move up. This is will be the fourth touch and most likely a breakout is probable. Most likely, the supply area at $0.3200 is next target before the $0.3400 supply zones.

ADAUSD Short-term Trend: Bullish

Cardano, ADAUSD, Cryptocompare chart

Cardano short-term outlook remains bullish. The demand zone at $0.2800 was very critical as price revolve around it and formed a nice double bottom. This set the stage for the bulls to come back. Price was pushed high to $0.3003 this was a retest of this critical supply area the third time. Bears pressure is seen and price pushed down to demand area at $0.2900. Momentum to the upside is high as seen from the stochastic oscillator.

We should expect a rebound to the upside for price to make a fourth touch at the $0.3000 supply area. This will most likely lead to a breakout to the $0.3200 supply area. Traders should wait for good downward rejection with double bottom formation around key demand areas before buying.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.