By
staff writer
April 17th, 2024
Breakout is imminent, the breakdown of the demand zone of $0.042 will drop ADA price at $0.033 demand zone. In case the bulls defend the $0.042 price level, it will rally to the north and may have $0.058 as its target.
Key Highlights:
- Consolidation mode continues in the Cardano market;
- The breakout to the south may bottom the coin at previous low;
- ADA price may have its target at $0.058 in case it breaks out to the north.
ADA/USD Price Long-term Trend: Ranging
Supply Zones: $0.050, $0.058, $0.068
Demand Zones: $0.042, $0.033, $0.021
ADA continues in its ranging trend on the long-term outlook. Cardano price is at the range bound within $0.042 and $0.050 price level. The cryptos commenced sideways movement last week shortly after the declination of ADA price from the high of $0.058 to the demand zone of $0.042.
The demand zone of $0.042 was broken downside; the bullish bottom tweezer candle formed which pushed up Cardano price above the $0.042 price level where it started moving sideways. The momentum of both the bears and the bulls are at equilibrium level within the range.
ADA price is directly trading on the 21-day EMA and the 50-day EMA with the two EMAs parallel and horizontally placed which indicates that consolidation is ongoing and may continue for short period. The Relative Strength period 14 is at 50 levels with the signal lines flat horizontally at the level which connotes consolidation.
Breakout is imminent, the breakdown of the demand zone of $0.042 will drop ADA price at $0.033 demand zone. In case the bulls defend the $0.042 price level, it will rally to the north and may have $0.058 as its target.
ADA/USD Price Medium-term Trend: Ranging
ADA/USD is on the sideways movement on the medium-term outlook. Both the bears and the bulls were yet to gain enough momentum that will make the coin rally. The coin rallied towards $0.05 supply zone on January 19 but could not penetrate the level due to loss of momentum. Immediately the bears took over and the Cardano price fell to the $0.042 demand zone on January 20 and continue consolidation till now.
ADA price is ranging on the 21-day EMA and 50-day EMA. The Relative Strength Index period 14 is at 40 levels with signal lines pointing down which indicates the sell signal.