Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bearish

Supply zones: $0.3600, $0.3800, $0.4000

Demand zones: $0.1800, $0.1600, $0.1400

Cardano returns bearish in the medium-term. The bears’ impact on Cardano started yesterday after the double top formation. The bulls’ failure to break the $0.3800 supply area sent in more sellers. The price was pushed down by the sellers from the supply zone of $0.3800 to the demand zone first at $0.3400 and currently at $0.3200, a critical demand zone. The upward movement was constantly rejected at key supply areas with bearish candle reversal. The daily candle opened at $0.3333, below the three exponential moving average crossovers. This implies that a more bearish move is likely to be seen today in Cardano. A breakdown at the critical demand area may likely take Cardano back to the $0.2600 demand zone

ADAUSD Short-term Trend: Bearish

Cardano, ADAUSD, Cryptocompare chart

The bears have taken over Cardano in the short-term. The price kept forming higher lows and lower highs that are downtrend characteristics. After the bulls struggled to push the price to the $0.3500 supply area, the bears came and forced it down to the $0.3300 demand area, with a strong indication for a more downward movement.  A rejection for upward momentum is seen in the stochastic oscillator which is a sign of the bears’ pressure. The break of the $0.3200 critical demand zone will likely see Cardano going back to the $0.2600 demand area.

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