Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bearish

Supply zones: $0.3500, $0.4000, $0.4500

Demand zones: $0.2000, $0.1500, $0.1000

Cardano‘s bearish trend continues in the medium-term. The bears’ continue to dominate the market from where they stopped last week breaking the $0.2500 demand zone. The target was the $0.2600 demand area as analysed last week after crushing the $0.2800 demand area, but the bears’ pressure was so strong that the price was pushed down to the $0.2400 demand area. The bulls managed to stage a come back and push the price away from this demand area up,  back to the supply area at $0.2800. Their momentum faded away as the bears came in again and pushed thevprice down to the demand area at $0.2550. The daily candle opened bearish at $0.2811 meaning more sellers are on ground to further push down the price. The stochastic oscillator signal is pointing down from the overbought region, which means downward momentum. As more bearish candles are formed and closed below the moving averages crossover a retest and break of the $0.2500 demand zone is probable as the journey to the south continues.

 ADAUSD Short-term Trend: Ranging

Cardano, ADAUSD, Cryptocompare chart

 Cardano is consolidating in the short-term. The bears continue the ride to the south to the $0.2600 demand area and the comeback by the bulls puts Cardano in a ranging scenario. The bears succeeded in bringing price to the $0.2550 demand area from the supply area at $0.2800. The formation of the double bottom in the area brought in the bulls who put the price back up to the $0.2800 area before the bears dragged it down again. The battle will continue but a winner will emerge soon. Traders should be patient and wait for a possible breakout from the upper supply area at $0.2800 or a breakdown from the lower demand area at $0.2550 before taking a position. 

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