- The bullish pressure remains strong in the long-term.
- Traders may look to buy at key areas with bullish candlestick pattern as confirmation.
ADA/USD Long-term Trend –Bullish
Supply zone: $0.1200, $0.1400, $0.1600
Demand zone: $0.0500, $0.03000, $0.01000
ADA remain in the bullish trend in its long-term outlook. $0.09466 in the supply area was the high the bulls went on 10th April before exhaustion sets in and the bears pushed price down to $0.07592 in the demand area on 11 April below the 10-EMA.
This is creating a bullish flag or a descending channel that favour price breakout from the upper line of the channel. The flag is necessary for a market correction and to confirm the upward continuation.
The bulls were back after the drop on 11th April as indicated with the formation of a bullish doji at the end of yesterday session.
The journey to the upper line of the channel has begun and a subsequent breakout expected at the upper line in the days ahead.
Price is above the 50-EMA while the stochastic oscillator signal points down at 51% an indication of a minor pullback before upward price movement in the long-term.
Live Cardano (ADA) Price:
1 ADA/USD =$0.0790 change ~ -3.71%
The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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