ADAUSD Medium-term Trend: Bearish
Supply zones: $0.2400, $0.2600, $0.2800
Demand zones: $0.1600, $0.1400, $0.1200
Cardano continues the bearish trend in the medium-term. The 50-day EMA formed a strong resistance in this area. Price is currently under the three EMAs crossover and the three EMAs are fanned apart. This implies strong bears pressure and strength in the context of the trend. Stochastic oscillator is in the oversold region at 15 percent with rejection to the upward momentum. This implies that the downward momentum in price may continue as the bears exert more pressure.
ADAUSD Short-term Trend: Ranging
Cardano continues to consolidate in the short-term. The ADAUSD pair is in a ranging scenario. Cardano is trading within the upper supply range at $0.195 and the lower demand range at $0.1700. Traders should be cautious in taking any position. Kindly allow the pair define its trend after a breakout to the upside or a breakdown to the downside.
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