• The cryptocurrency is in consolidation in the medium-term and bullish in the short-term.
• The bears may have a temporal control.
ADA/USD Medium-term Trend: Ranging
• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.02, $0.01, $0.009
Cardano is ranging in its medium-term outlook. The price is in a sideways trend zone.
The daily session opens today at $0.041 in the resistance area. Price further rise to $0.042 in the resistance area above the two EMAs.
Meanwhile, the price of ADAUSD is in the overbought region of the daily stochastic pointing upwards at around level 83%. This indicates that price might remain in a bullish momentum and a buy signal in the nearby days.
Cardano is ranging and trading between $0.07 in the upper resistance area and at $0.009 in the lower support area of the range.
If the support level is broken the coin will depreciate to a low at $0.009 price level.
Hence, patients need to be exercised before taking a position at this period in the medium-term.
ADA/USD Short-term Trend: Bullish
The coin is in a bullish trend zone in its short-term outlook. The bears at $0.042 after touching the EMA -9 further push the price down to $0.041 in the support area during yesterday’s session. The momentum was lost due to the bull’s brief return.
The 4-hour opening candle today at $0.041 at the resistance area is bullish. The price of ADAUSD further rises to $0.042 in the resistance area above the EMA-9, an indication that the momentum in the price of the coin is in an uptrend.
The stochastic oscillator signal pointing up at around level 81% in the overbought region implies that the price of the crypto may likely remain in an uptrend (possibly a buy signal) in the days ahead in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author.
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