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.
Cardano price may rally towards the supply zone of $0.042 in case the bulls defend the demand zone of $0.027.
- There is a sideways movement on the Cardano market;
- the Bulls may take over the market;
- the break out is imminent.
ADA/USD Price Long-term Trend: Ranging
Supply Zones: $0.032, $0.042, $0.050
Demand Zones: $0.027, $0.022, $0.016On the long-term outlook, ADA remains in its bearish trend. Cardano price is fluctuating below $0.032 price level as the bears were not able to break downside the demand zone of $0.027 last week. The bearish pressure and the bullish pressure were at equilibrium after the bears broke the former demand zone of $0.032 downside. There is a likelihood that ADA may continue its declination as more bearish candles are emerging and it may break out of the ranging zone soon.
The coin remains in the bearish trend zone as long as it remains below the 21-day EMA and 50-day EMA with the two EMAs fanned apart and a distance from the coin indicates that the bearish pressure is strong. The Relative strength index (RSI) period 14 is at the oversold region (below 20 levels). It indicates that the bearish momentum on ADA market is high and also connotes a sell signal. Cardano will have its low at $0.022 in case the bears increase its momentum and break out $0.027 downside.
ADA/USD Price Medium-term Trend: Ranging
Cardano is on the ranging trend on the 4-hour chart. The coin started a side-ways movement immediately it fell from the $0.042 price level to the demand zone of $0.027. The coin is range-bound between the supply zone of $0.032 and the demand zone of $0.027. Break out is imminent on ADA market.
Currently, Cardano price is moving up and down on the 21-day EMA and 50-day EMA; this confirms the sideways movement on the ADA market. The Relative Strength Index period 14 is at 40 levels parallel to the level without direction, which indicates that consolidation is ongoing and it may continue for a short period of time. ADA price may rally towards the supply zone of $0.042 in case the bulls defend the demand zone of $0.027.