Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bearish

Supply zones: $0.2600, $0.2800, $0.3000

Demand zones: $0.1800, $0.1600, $0.1400

Cardano continues the bearish trend in the medium-term. The upward bullish rejection at the $0.2100 supply area led to the bears’ massive comeback. The bears kept the momentum up as they pushed the price down to the $0.1810 demand area. Efforts by the bulls to make a return at the $0.1940 supply area were also rejected. The price is below 26 and 50 EMAs while the daily candle opened at $0.1926 below these EMAs. This suggests more sellers’ presence and pressure. The stochastic oscillator is at 73 percent with its signal pointing up. This means upward momentum in price due to the bulls activities. These are expected pullbacks that should happened but this should be seen as a market correction for downtrend continuation.

ADAUSD Short-term Trend: Ranging

Cardano, ADAUSD, Cryptocompare chart

Cardano is still consolidating in the short-term. The $0.1950 supply zone was the highest price the bulls pushed the price to before the bears set in and pushed it down. The price was first pushed down to the $0.1830 demand area and later to the $0.1784 demand area. The stochastic oscillator is in the oversold region at 12 percent. The signal is pointing up which connotes upward momentum in price due to the bulls activities. The pair is trading between the $0.1950 upper supply zone and $0.1750 lower demand zone. Patience will be a good strategy to adopt during consolidation to allow for a breakout to the upside or breakdown to the downside before taking a position.

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