Cardano (ADA) Price Analysis: Falling For A Strength Renewal

Cardano (ADA) Price Analysis: Falling For A Strength Renewal

ADA/USD Price Medium-term Trend: Bearish

Supply Zones: $0.069, $0.073, $0.075

Demand Zones: $0.064, $0.053, $0.033

ADA is in bearish trend movement on the 4-Hour chart. The bears continue to dominate the market with strong momentum creating lower lows in price. The bulls barely pushed the price to the supply area, which happened to be a nice retest at the area for the bears. The upward bullish rejection at the 21-day EMA on October 28 is a clear evidence of the bears’ presence.

The bears gained more pressure and pushed the coin down the south, broke the former demand zone of $0.073 with the formation of strong bearish candles on October 29 to the demand zone of $0.069 where it consolidated for some time. Today ADA has broken the demand zone of $0.069 downside.

The price is below the 21-day EMA and the 50-day EMA. If the bears maintain their pressure, a downtrend will continue and the next target is the demand zone of $0.064. Should the buyers defend this zone the price will bounce to the north and the bulls will take over the market.

The stochastic Oscillator period 14 is at the oversold level (below 20 levels )with signal lines pointing to the south, which connotes the ADA price will still fall briefly before the bulls take over.

ADA/USD Short-term Trend: Ranging

ADA/USD is also in a bearish trend on 1-Hour chart. The price is making lower lows in the market on the 1-Hour chart. The bulls made an attempt to push the price up but were rejected at the 21-day EMA that serves as a dynamic resistance.

ADA is currently below the 21-day EMA and 50-day EMA which indicates downtrend is ongoing. The Stochastic Oscillator period 14 is above 20 levels with the signal line pointing upwards indicating a buy signal.

The post Cardano (ADA) Price Analysis: Falling For A Strength Renewal appeared first on ZyCrypto.

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