- The medium-term is bullish
- The short-term is bearish
ADA Meduim-term trend: Bullish
Supply zones: $0.180, $0.200, $0.220
Demand zones: $0.140, $0.130, $0.120
Cardano is still in the uptrend. Stochastic oscillator is over the 20 level. We have the formation of bullish railroad track at the demand zone. The demand zone at $0.140 is respected and this created a double bottom. Bullish momentum is seen as more bullish candles are formed. In the medium term price could possibly get to $0.150.Traders should watch this area as it will give more momentum to the upside that we currently witnessed.
ADAUSD Short-term Trend: Bearish
The downtrend is valid for Cardano in the short term. Stochastic oscillator is in the overbought region with the signals below the 50 level. Price is forming higher low and lower high. Upward price movement rejection in demand zone at $0.150. Formation of bearish engulfing candle confirm the downward momentum.
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Author- Azeez Mustapha