Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bullish

Supply zones: $0.3800, $0.4000, $0.4200

Demand zones: $0.180, $0.160, $0.140

Cardano‘s bullish takeover in the medium-term continues. The nice northward ride was to be expected, as analysed last week. The bulls drove Cardano up to the $0.3800 supply area after crushing past the $0.3400 and $0.3600 areas. This is quite remarkable. The bears’ impact that saw the price going down to the $0.2700 demand area created a double bottom for the bullish comeback as predicted. Currently, we have retracement due to the double top at the $0.3800 supply area. This correction is expected before another upward trend continuation. A momentum to the upside is likely to increase as more buyers enter the market and the bears’ impact fades away. A test at $0.400 is very close by.

ADAUSD Short-term Trend: Bullish

Cardano, ADAUSD, Cryptocompare chart

Cardano looks bullish in the short-term. The bears’ impact that dragged the pair to a ranging scenario last week faded away as the bulls staged a comeback and drove the price to the $0.3800 supply area. With the daily opening at $0.3672 which is higher than yesterday’s $0.3567, Cardano is set for more buying. The pullback to the $0.3400 demand area is expected as the market correction occur. This area should be watched by traders as we see the formation of a double bottom. Buying in this area should be done after the bullish candles form and close above the three exponential moving averages crossover. The Stochastic Oscillator is in the oversold region, hence a momentum to the upside is expected.

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