Cardano Price Analysis: ADA/USD Trends of November 09–15, 2018
In case the demand zone of $0.075 holds, Cardano price will resume its uptrend movement which may break the supply zone of $0.081 upside
In case the demand zone of $0.075 holds, Cardano price will resume its uptrend movement which may break the supply zone of $0.081 upside
Should Cardano price fall to the demand zone of $0.069, and the bulls defend this zone, ADA price will bounce to the north towards the supply zone of $0.080. ADA will resume its uptrend movement towards the supply zone of $0.088.
In case the demand zone of $0.075 holds, the price will bounce to the north and break the strong supply zone of $0.080, Cardano price will resume its uptrend movement towards the supply zone of $0.088.
The price has formed a “symmetrical triangle” pattern on the 4-Hour chart. It is currently below the 4-day EMA which has crossed the 50-day EMA downward below the supply zone of $0.08 inside the symmetrical triangle. The bullish breakout from the symmetrical triangle is imminent.
Only a radical fundamental event can forcefully bring about a significant rally in the market on the daily chart.
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 is a probability that the price may retest the supply zone of $0.08 as the bullish inside bar candle formed at the demand zone of $0.05.
Uptrend movement could be triggered in case the supply zone of $0.11 is broken; a clear break and weekly close above the supply zone of $0.11 would interrupt the bearish testing demand zone of $0.08 and the supply zone of $0.13 would be exposed.
The Long-term trend of ADA remained bearish throughout last week; things are much oversold in the market, and that signals a possibility of a reversal.