ADAUSD Long-term Trend -Bearish
Supply zone: $0.4000, $0.4200, $0.4400
Demand zone: $0.2200, $0.2000, $0.1800
Cardano’s long-term bearish outlook is still valid. The bears have kept its price below the $0.02500 supply area, maintaining their strong dominance.
The price is still under the crossover between the three EMAs, which implies strong bearish momentum. Rejection to an upward bullish move has been repeatedly seen at the 12-day EMA which acted as a strong resistance. The rejection will likely continue as the formation of a hammer may further increase bearish pressure.
The Stochastic Oscillator is in the oversold region and is facing an upside rejection as more sellers are coming back to the market this week. The bears' target is the $0.02000 demand zone in the long-term, as Cardano’s journey to the south continues.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.