ADAUSD Medium-term Trend: Bullish
Supply zones: $0.4000, $0.4200, $0.4400
Demand zones: $0.1800, $0.1600, $0.1400
The bulls’ continue their control of Cardano in the medium-term. The $0.3800 supply area was nicely retested as analyzed yesterday as the bears’ momentum weakens. More buyers are joining the train as the daily opening was $0.3751 as against yesterday $0.3549.The daily candle opened bullish above the three exponential moving averages crossover. It shows more bullish pressure.
The three exponential moving averages are fanned apart which connotes strength in the context of the trend and this case the uptrend. Minor pullbacks may occur at the $0.3800 supply area is should be seen as a correction for trend continuation. Price will be making the fourth touches to the supply area, which may probably result in a breakout. $0.4000 supply zone may likely be retested in the medium term.
ADAUSD Short-term Trend: Bullish
The bulls continue their takeover of Cardano in the short-term. The fourth touches at the $0.3600 supply area resulted in breakout as predicted yesterday and a retest of $0.3800 supply area was made. The bulls continue to drive price higher as their momentum increased. The supply area at $0.3860 was tested earlier today.
A pullback is thus expected but should be seen as opportunity for more buying. Especially as more bullish candles formed and closed around the demand areas. Stochastic Oscillator is in the oversold region with signal pointing up which means strong momentum to the upside is imminent.
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