By
staff writer
April 17th, 2024
In case Cardano penetrates above the key supply zone of $0.050, then the trend has changed to uptrend and have its high at $0.06 price level.
Key Highlights:
- Cardano price is making higher highs on the 4-Hour chart;
- the bulls are taking over gradually;
- the bears lost the pressure.
ADA/USD Price Long-term Trend: Bullish
Supply Zones: $0.032, $0.042, $0.050
Demand Zones: $0.027, $0.022, $0.016
ADA/USD is bullish on the long-term outlook. On December 7 – 16, Cardano price was fluctuating around the price level of $0.027. The bearish pressure was lost and the bulls were able to defend the demand zone of $0.027 last week and ADA price rallied to the north. The bulls pushed the coin and break up the old supply zone of $0.032 and $0.042 price level. Cardano price is currently facing a barrier at the 50-day EMA.
ADA price has already penetrated the 21-day EMA with a bullish candle and moved towards the 50-day EMA which is yet to be broken. In other words, the Cardano price is trading between the two EMAs. In case the coin penetrates above the key supply zone of $0.050, then the trend has changed to uptrend and have its high at $0.06 price level. Meanwhile, the MACD period 12 with its histogram is above the zero levels with the signal line pointing upside which indicates high bullish momentum and buy signal.
ADA/USD Price Medium-term Trend: Bullish
On the medium, Cardano is on the bullish trend. The bulls gained momentum on December 17 and pushed up the ADA price after a ranging movement between the supply zone of $0.032 and the demand zone of $0.027. ADA price made Higher Highs move towards the supply zone of $0.042 after it broke up the $0.032 price level.
The 21-day EMA has crossed the 50-day EMA upside as an indication of an uptrend movement. Cardano price is making higher highs above the two EMAs. The coin is currently carrying out price correction towards the broken level. The coin may continue an uptrend movement as the MACD period 12 with its histogram is above zero levels with the signal lines pointing to the north. The traders may go long.