Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bullish

Supply zones: $0.3800, $0.4000, $0.4200

Demand zones: $0.1800, $0.1600, $0.1400

The bulls are back for Cardano in the medium-term. The bears’ momentum fades away as they failed to break the 0.3200 critical demand zone. This made the bulls stage a comeback. They drove the price to the $0.3600 supply zone down from the $0.3300 demand area of yesterday. The daily opening price was $0.3549 which is higher than yesterday’s opening of $0.3333. This shows that more buyers are coming back. The opening candle is above the three moving averages crossover, which connotes more bullish pressure. The moving averages are fanned apart which means a strength in the context of the trend, in this case, an uptrend. We are likely to see Cardano retesting the supply area at $0.3800 in the medium term.

ADAUSD Short-term Trend: Bullish

Cardano, ADAUSD, Cryptocompare chart

The bulls stage a comeback for Caradno in the short-term. The critical demand zone at $0.3200 was difficult for the bears to break, as they remain within the $0.3330 demand area. A tripple bottom formation at this demand area brought in the bulls. They drove the price up to the $0.3600 supply zone. The chart above shows that the bulls have attempted to break the supply area three times, but were rejected by the bears with a minor pullback. A fourth attempt will likely lead to a breakout from the supply area. A retest of $0.37500 will pave the way for the $0.3800 supply zone, as we see strong momentum to the upside from the stochastic oscillator.

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