ADAUSD Medium-term Trend: Bullish
Supply zones: $0.180, $0.200, $0.220
Demand zones: $0.130, $0.120, $0.110
Cardano is still in the uptrend. Although we had a pullback yesterday after a bullish rejection around the supply zone at $0.178, with formation of bearish railroad track. The bias is likely still bullish. A bullish engulfing candle with the close of candle above the three exponential moving averages crossover will justify that the bulls are fully back. Traders should watch out for this to happen which could possibly take the price to the supply zone at $0.180.
ADAUSD Short-term Trend: Bullish
The bulls are still very much in control of Cardano. Daily opening price was higher than yesterday closing price. Price made a nice move to the $0.175 earlier today before pullback. Candle closing and forming within the three exponential moving averages still give a confirmation that the bulls’ pressure is high. Stochastic oscillator is up above the 50 level pointing up which shows that price is likely to continue in the upward trend.
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