Cardano (ADA) Price Analysis (February 29)
• Cardano price remains in a bearish zone and declined below the $0.04 support area.
• Buyers in hibernation as the fall continues.
ADA/USD Medium-term Trend: Bullish
• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.03, $0.02, $0.01
The coin looks bullish in its medium-term view. ADAUSD is very likely to continue dropping as we are seeing a bearish correction in place. The coin is facing an increase in selling pressure and it could continue to slide the more.
A bearish doji candle at $0.049 in the support area opens today’s market. This is a signal that the momentum in price of the coin may likely change soon.
ADAUSD is initially above the support line at $0.049 in the support area.
With price below the two EMAs and the stochastic oscillator signal pointing down at level 9% in the oversold region is an indication of a likely reversal in trend in the nearby days in the medium-term.
ADA/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. After breaking the $0049 of the lower channel the bears drop price further down at $0.047 in the support area shortly after yesterday's opening before momentum loss ADAUSD rises to $0.05 in the resistance area before the end of the session.
The breakdown in price at the EMAs crossover with a bearish pin bar at $0.049 confirms the bears' takeover as the market opens today. Price is down to $0.048 in the support area and later rises to $0.049 in the resistance area at the time of writing this article.
Price is just a bit above the EMA 9 an indication of an uptrend in the context of the market and the stochastic oscillator signal pointing up at level 48% suggests an upward momentum in price and a trend reversal may like occur in the price in the nearby days in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.