The increase in the Bears’ pressure may lead to the breakdown of $0.037 demand zone and Cardano price may find its low at the $0.030 price level. Alternatively, if the price level of $0.037 holds the Bulls may take over the ADA market.
Key Highlights:
- The Bearish trend is maintained in the Cardano market;
- the bulls may take over ADA market in case $0.037 price level hold;
- price declination may continue.
ADA/USD Price Long-term Trend: Bearish
Supply Zones: $0.042, $0.050, $0.058
Demand Zones: $0.037, $0.030, $0.021
Cardano price remains trading below the two dynamic resistances and support (21-day EMA and 50-Day EMA) which connotes a bearish momentum and the two EMAs also were bending to follow the trend. The Stochastic Oscillator period 14 is below 20 levels (oversold region) and the signal line pointing to the south connotes a bearish trend continuation which may be for a short period before the bulls take over.
The increase in the Bears’ pressure may lead to the breakdown of $0.037 demand zone and Cardano price may find its low at the $0.030 price level. Alternatively, if the price level of $0.037 holds the Bulls may take over the ADA market.
ADA/USD Price Medium-term Trend: Bearish
The 21-day EMA and 50-day EMA were above the Cardano price as a bearish trend indication. The Stochastic Oscillator period 14 is below 40 levels with signal lines pointing down which indicates that further price declination is envisaging.
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