Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
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.
- 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.