ADAUSD Long-term Trend -Bullish
Supply zone: $0.4000, $0.4200, $0.4400
Demand zone: $0.2200, $0.2000, $0.1800
Cardano’s long-term outlook remains bullish. This week’s opening price is $0.03657, against last week’s opening price of $0.03563. This signifies more buyers are likely going to take a position in the market as the week goes by.
The chart below shows a flag formation in Cardano. This flag formation is in preparation for another upward move. The previous flags could be seen on the chart from the 15, 16, 26, and 27 of April. Each does produce an impulsive upward move. Such a move is most likely going to be seen next week. The price is within the 26-day EMA crossover, meaning this is still a buyer zone.
The Stochastic oscillator is pointing down. This is due to pullbacks which are necessary for a market correction. A downward rejection is most likely. The chart provides us with a similar rejection, in this context an uptrend rejection around the 50 percent region is probable.
Buying opportunities exist now in Cardano as the journey to the moon will soon begin. A retest of the $0.4000 supply zone is likely, before we get to the $0.4200 area in the long-term.
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