CARDANO (ADA) Daily Price Forecast – September 12

ADA/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend its short-term outlook.

The cryptocurrency is a downward channel.

The bullish momentum from $0.06576 in the demand area was lost at $0.7054 in the supply area when price touches the upper line of the channel as the session ended yesterday.

The opening 1-hour candle at $0.07009 was a bearish engulfing, ADA dropped to $0.06384 in the demand area.

The bears’ pressure may continue and a break and close of price outside of the channel will further take ADA down to $0.0500 in the demand area in the short-term

ADA/USD Medium-term Trend: Bearish
Supply zones: $0.1150, $0.1250, $0.1350
Demand zones: $0.0500, $0.0450, $0.0400

ADA is in a bearish trend in its medium-term outlook. The bears are holding tight the control of the market with a push to $0.06576 in the demand area as the trading session came to a close yesterday.

The bulls had a minor push of price to $0.07056 in the supply area, creating a flag. As expected the bears returned with the opening 4-hour candle, a large bearish engulfing and price was further down to $0.06405 in demand area.

Price is below the two EMAs with the 10-EMA a strong resistance against the cryptocurrency upward price movement. Moreover, the EMAs are area seen fanned apart which imply strength in the context of the downtrend.

The stochastic oscillator is in the oversold region at 13% and its signal is pointing down.

This implies further downward momentum in price of the cryptocurrency as bears pressure becomes much stronger in the medium-term.

Author: MaxPositives
Image Credit