ADAUSD Long-term Trend -Bearish

Supply zone: $0.3000, $0.3500, $0.4000

Demand zone: $0.1500, $0.1000, $0.0500

The bearish trend continues in Cardano on the long-term outlook. The bears have maintained control over the market, surpassing their target at the $0.2000 demand zone. The price was pushed further down to the $0.19300 demand area as a result of bearish pressure.

Cardano’s price is still under the three EMAs crossover, which implies strong seller pressure and presence. The EMAs are fanned apart which connotes strength in the trend’s context and in this case of the downtrend. You can see the pair is creating a nice flag once again, as clearly marked out in the chart. Each time such a scenario comes up, the journey to the south continues as the bears exert further pressure.

Cardano, ADAUSD, Cryptocompare chart

The stochastic oscillator is in the oversold region and faces rejection to the upside as more sellers are entering the market this week. The bears’ target may likely be the $0.1500 demand zone in the long-term as Cardano continues its journey to the south.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.