ADAUSD Medium-term Trend: Bullish
Supply zones: $0.3400, $0.360, $0.380
Demand zones: $0.180, $0.160, $0.140
The medium-term bias for Cardano remains bullish. Since yesterday, the bears pushed the price to the $0.2700 demand area while the bulls pushed it back to the $0.2900 supply area. The upward rejection is soon to fade away as we are likely to see more buyers in the market. The Stochastic Oscillator is in the oversold at 38.17%. Crossing the 50% region is close by as more buyers take a position in the market and the upward momentum becomes stronger. Pullbacks are opportunities for more buying as a breakout to the upside is more favorable in the overall Cardano outlook. A retest of the $0.300 supply area is close by.
ADAUSD Short-term Trend: Ranging
Cardano is ranging in the short-term outlook. The $0.2900 supply area and $0.2600 demand area are important as the price revolves around this region. A break above the supply area would likely take Cardano back to $0.3100, while a breakdown would see the pair in the $0.2400 demand area. Traders should be cautious as they take positions in the range, though tradable small profit could be taken out as the price goes up and down in the range.
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