ADAUSD Medium-term Trend: Bullish
Supply zones: $0.3400, $0.360, $0.380
Demand zones: $0.180, $0.160, $0.140
Cardano remains bullish in the medium-term. The bears’ impact is almost fading away as today’s opening price was $0.2899. This was higher than yesterday’s open of $0.2715. We saw the price above the three exponential moving averages crossover, with a large bullish engulfing candle. This is indicating the buyers’ strong comeback. The stochastic oscillator crossed past the 50% yesterday. The price was pushed high as momentum to the north increased. Currently, the indicator is in the overbought region, with its signal strength pointing up. This implies strong momentum to the upside will be seen in the market. More and more buyers are coming back and the price is likely to make a retest of the $0.3000 and $0.3200 supply areas shortly.
ADAUSD Short-term Trend: Ranging
Cardano is still ranging in the short-term outlook. The price is within the $0.2950 supply zone and $0.2650 demand zone. The bulls’ impact at this demand zone is very significant. They are gradually closing the downward gap. More bullish candles pushed the price to the supply area at $0.2940.The range still holds, but buying in the range is more advisable than selling. A breakout to the upside of the range is very much likely as more buyers get in the train. The stochastic oscillator is in the oversold area and set for upward momentum any time from now. This will likely push the price higher.
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