ADA/USD Long-term Trend –Bearish

Supply zone: $0.3000, $0.3200, $0.3400
Demand zone: $0.1000, $0.0500, $0.0001

Cardano continues in bearish trend in long-term outlook. The bears continue their stronghold as they broke the $0.1500 in the demand area and pushed price further south. The bulls made a minor push of price to $0.14059, but lost momentum as the formation of double top resulted in the bears come back.

The bearish momentum pushed price further down to $0.12126 in the demand area. This was a retest of the demand area the cryptocurrency was on 12th of March 2018.

Weekly candle opened bearish at $0.1382 compared to last week opening price at $0.1618, which implies more sellers are present and their pressure may take price further south.

Cardano is currently at $0.12441 as at the time of this write-up. Pullbacks may be witnessed as the week progresses but this should be seen as confirmation for downward trend continuation. As the bears' pressure increased, we may likely see another retest of $0.10000 in the demand area in the long-term.

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

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