ADA/USD Long-term Trend –Bullish

  • Supply zone: $0.0700, $0.0900, $0.1100
  • Demand zone: $0.0100, $0.0080, $0.0060

In the long-term, Cardano (ADA) appears to be in a bullish trend, as strong pressure has seen its price make three attempts to break the upper area of its range at $0.052, before a breakout occurred on March 19.

The trend was confirmed after a pullback occurred on March 21, as the candles formed a bottom once ADA’s price dropped to $0.0506 in the demand area.

Cardano, ADAUSDADA chart by TradingView

The continuation of the cryptocurrency’s uptrend was clear when a large bullish candle went past the $0.0531 mark on March 22. ADA’s price then rose to $0.06595 in the supply area. This was the high of the week and also the high highest the crypto has seen since November 16 of last year.

The bears may lose momentum at the 38.2 fib area ($0.05612), an area that may see the bulls manage to keep their uptrend, started thanks to Cardano’s 1.5 update, going if the bears fail to proceed. The $0.07000 mark in the supply area may be retested as bullish momentum increases.

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