Cardano Price Analysis – May 23


ADAUSD Medium-term Trend: Bearish

Supply zones: $0.2800, $0.3000, $0.3200

Demand zones: $0.2000, $0.1500, $0.1000

Cardano returns bearish in the medium-term. The bears’ supremacy was seen as the momentum was increased, the lower demand range of yesterday’s range was nicely broken. The bear pressure was sp strong that after breaking the lower range, they broke the $0.2200 demand zone. The bulls were completely subdued – as you can see that more bearish candles were formed. The price was pushed down to the $0.2100 demand area. The daily candle opened bearish at $0.2211 below the moving average crossover as against yesterday’s opening of $0.2460. These imply strong bear presence and pressure. The three moving averages are fanned apart which suggest strength in the context of the trend and in this case the uptrend. As more bearish candles are formed and closed below the crossover, the bears’ target of $0.2000 seems very close by in the medium term.

ADAUSD Short-term Trend: Bearish

Cardano, ADAUSD, Cryptocompare chart

Cardano continues the bearish trend in the short-term. The bears continue to push the price lower as they increase their presence and pressure on the market. All the way from the supply zone at $0.2400, the price was pushed down to the $0.2100 demand area breaking many demand zones as it goes south. As noted yesterday, lower highs and lower lows were likely to be made – and this did happen. Today again, lower highs and lower lows may be made as the bears are likely to continue exercising their dominance and more bearish candles form and close below the moving averages crossover.

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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