By
Steve Muchoki
April 23rd, 2024
There is a possibility for the price to break out of the supply zone of $0.08 moved up to test the supply zone of $0.11.
Key Highlights:
- There may be upward movement next week;
- more bullish candles are formed;
- the price may retest the supply zone of $0.08 after the break out
ADA/USD Price Long-term Trend: Bullish
Supply Zones: $0.08, $0.11, $0.13
Demand Zones: $0.05, $0.04, $0.03.
Cardano is bullish in its long-term outlook. Last week, the coin headed towards lower trend line and broke the last week strong demand Zone of $0.08 and continued its bearish movement in its long-term. Currently, the price is trending upwardly towards the supply zone of $0.08.
The price is currently above the 4-day EMA and the 50-day EMA above the price. On the daily chart, more bullish candles are formed, which indicate the possibility of further uptrend movement. There is a probability that the price may break out completely of the supply zone of $0.08, move upward towards the upper supply zone of $0.11. The price may retest the supply zone of $0.08 after the breakout. The RSI 14 is above 50-level pointing towards the north. There is a probability that the price will increase this week.
ADA/USD Medium-term Trend: Bearish
The cryptocurrency on the medium outlook is bullish. The price had a rejection from the demand zone of $0.05 which ended up with the formation of the bullish candles on 4-H chart last week. The ADA price moved up and broke the supply zone of $0.08. The coin is currently above the 4-day EMA which has crossed the 50-day EMA upside. At present, the price is above the supply zone of $0.08 with the formation of more bullish candles.
The RSI 14 is above 70 levels with the signal line pointing upwards. There is a probability for the coin to retest the supply zone of $0.08 before continues its uptrend movement. Should the supply zone of $0.11 broken, an uptrend movement will be triggered towards the upper supply zone of $0.13. Traders should trade along with the trend.