Cardano Price Analysis – May 31




ADAUSD Medium-term Trend: Bullish

Supply zones: $0.2600, $0.2800, $0.3000

Demand zones: $0.1800, $0.1600, $0.1400

Cardano returns bullish in the medium-term. The breakout from yesterday’s upper supply range may signify the bulls’ takeover of the market. The bears’ pressure at the $0.2143 upper supply area was lost as the bulls’ momentum breaks the upper supply area and pushes the price higher up to a new supply area at $0.2246, after breaking $0.2200.

The daily candle opened bullish above the 3 EMAs. Likewise, the day opening price was $0.2080, compared to yesterday’s opening at $0.1979. These all suggest more bullish presence and pressure. The 3 EMAs are fanned apart, suggesting strength in the trend and, in this case, the uptrend. The price is forming higher highs and higher lows that are uptrend characteristic. As you can see, after breaking the upper supply area, it was retested. This is an indication that the northward journey may have started.

ADAUSD Short-term Trend: Bullish

Cardano, ADAUSD, Cryptocompare chart

Cardano returns bullish in the short-term. The bears were overpowered by the bulls in the consolidation, breaking out of the $0.2160 upper supply area of yesterday’s range. The bulls increased their momentum and succeeded in pushing the price from the demand area at $0.1950. The price is currently high up in the supply area at $0.2250, above the 3 EMAs crossover, forming higher highs and higher lows, characteristics of uptrending markets. The stochastic oscillator is in the overbought region and its signal is pointing up. This implies an upward momentum as the bulls increased their activities in the market.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research



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