ADAUSD Medium-term Trend: Bullish
Supply zones: $0.3400, $0.360, $0.380
Demand zones: $0.180, $0.160, $0.140
Cardano's medium outlook is still looking bullish. The $0.3200 supply area predicted yesterday was tested. The day opened at $0.3157, above the moving averages crossover, with a bearish candle. The bears pushed the price down to the $0.2772 demand area. A nice triple bottom formation is seen in this demand area. This is a strong downtrend rejection signal. As long as the $0.2500 demand area is not broken, the outlook remains bullish. The pullbacks are necessary for the market correction. The Stochastic Oscillator is in the oversold area and a momentum to the upside is expected to build up. More bullish candles formation above the exponential moving averages will confirm the bulls’ takeover. A retest of $0.300 with a strong bullish engulfing candle will set Cardano up to make another remarkable move towards the $0.3400 supply area.
ADAUSD Short-term Trend: Bullish
Cardano's bullish trend in the short term has been threatened by the bears. Right from the test of the supply zone at $0.3200, the bears pushed the price to the $0.2600 demand area, below yesterday's lowest low of $0.2943. This should be seen as a retracement for a market correction. The bulls are staging a comeback in the demand area. A bullish engulfing candle is formed at the demand area, suggesting the upside momentum is building up. Most likely, we are going to see bullish candles formed and closed above the three moving averages crossover to usher in the bulls. The overall outlook still remains bullish in the short-term
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