Cardano Price Analysis – May 24



ADAUSD Medium-term Trend: Bullish

Supply zones: $0.2800, $0.3000, $0.3200

Demand zones: $0.2000, $0.1500, $0.1000

 

Cardano’s medium-term trend is bullish. The bears’ dominance was seen as they managed to hit their target at the $0.2000 demand zone. They further pushed the price down to a new demand area of $0.1928.

This was mentioned in yesterday’s analysis. The momentum was lost as the bulls gradually returned to take back control of the market. This was manifested as the price went past the $0.2000 demand zone with the formation of a bullish engulfing candle at the 26-day EMA.

The Stochastic Oscillator is at 51 percent and has left the oversold region with its signal pointing up. This suggests upward momentum. The resumption of the journey to the moon seems to have just begun, and as more bullish candles form and close above the moving averages crossover, the $0.2400 supply zone may likely be the bulls’ target in the medium term. This area is quite important as it will be the fourth touch. A breakout may likely ensue if the bulls succeed in getting price to this point

 ADAUSD Short-term Trend: Ranging

Cardano, ADAUSD, Cryptocompare chart

Cardano is consolidating in the short-term. The bears and the bulls are now in a fight over the pair’s short-term outlook. The bears’ momentum seems to have faded after the impulsive move that pushed the price down to the $0.1900 supply area.

For the bears to get there was indeed a dream come true. The bulls are now gradually coming back as you can see in the range that the price is making higher highs and higher lows. The pair is currently trading between the $0.2160 upper supply range and the lower demand range at $0.1930. Traders should be patient and allow a breakout to the upside or a breakdown to the downside before taking a position.

 

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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