- In case $0.047 holds Cardano price will find its low at $0.035;
- the consolidation is ongoing in the ADA market;
- the bulls may take over ADA market in case the bull breakup $0.047 price level;
ADA/USD Price Long-term Trend: Ranging
Supply Zones: $0.047, $0.055, $0.062
Demand Zones: $0.035, $0.028, $0.021
On the long-term outlook, ADA continues on its sideways movement. Cardano price is yet to break out from the ranging zone it was last week. The sideways movement started is within the range of $0.047 supply zone and $0.035 demand zone.
On February 18, the bulls gained pressure to break up the supply zone of $0.047 with the formation of strong bullish candles but later interrupted by the bears. The bearish engulfing candle formed on February 21 is currently returning the coins to face the demand zone of $0.035.
The 21-day EMA is twisted around the 50-day EMA which indicate that consolidation is ongoing in the ADA market. Cardano price is consolidating on the two EMAs. Nevertheless, the Stochastic Oscillator period 14 is at the 80 levels (overbought level) and the signal lines pointing down connote sell signal.
The breakup of the supply zone of $0.047 by the bulls’ momentum will expose the coin to the supply zone of $0.055 which may be its target. On the other hand, In case the bears defend the $0.047 price level, the coin will find its low at $0.035 – $0.028.
ADA/USD Price Medium-term Trend: Bullish
ADA/USD is bullish on the medium-term outlook. ADA retains its bullish momentum which commenced two weeks ago. The cryptocurrency experienced consolidation which lasted for six days ended on February 17 by the bulls’ momentum that made the coin rallied towards the supply zone of $0.047. The bullish candles broke up the $0.047 level before it was rejected by the bears and the coin is currently below the $0.047 Cardano price level.
The 21 EMA is above the 50 EMA while the coin is in between the two EMAs which indicate that consolidation is ongoing which may be for a short period of time.