The bulls are control of the short an medium-term outlook.
Traders may look consider buying at bearish exhaustion areas.
ADA/USD Medium-term Trend: Bullish
Supply zones: $0.01000, $0.01200, $0.01400
Demand zones: $0.02000, $0.01500, $0.01000
ADA is in a bullish trend in its medium-term outlook. The drop in price twice to $0.06640 in the demand area by the bears created the double bottom formation. The bulls comeback was signaled by the bullish 4-hour spinning top opening yesterday candle at $0.06817.
ADAUSD rose to $0.07407 before the end of session breaking the resistance at 50-EMA.
The bullish momentum was sustained at today’s opening with a further push of price to $0.07881 in the supply area.
Currently, a brief pullback by the bears is ongoing. This is to confirm the bullish continuation and for market correction. ADAUSD was down to $0.07103 in the demand area.
Price is around the two EMAs which suggest the bullish presence and the stochastic oscillator signal is parallel at 82% an indication undefined. With an increase in pressure on price by the bulls after the bears’ exhaustion, the upward journey may retest $0.08000 in the supply area.
ADA/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The break at the two EMAs crossover during yesterday session confirmed the bulls takeover. ADAUSD was initial up at $0.07096 and ended the day at $0.07309 in the supply area.
$0.07481 in the supply area was the high attained shortly after today’s 1-hour opening at $0.07304 before exhaustion sets. The candle closed an inverted pinbar, an indication of the bears returned.
ADAUSD dropped to $0.07114 in demand area which was the 38.2 fib area, a trend continuation zone. A retest of the 38.2 may occur to create a double bottom that favour the bulls return for upward continuation to $0.07481 in the supply area and subsequent breakout.
Live Cardano (ADA) Price:
1 ADA/USD =$0.0677 change ~ 3.67%
Coin Market Cap
$1.76 Billion
24 Hour Volume
$50.61 Million
24 Hour VWAP
$0
24 Hour Change
$0.0025
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
