Cardano Price Analysis – April 9


Cardano, ADAUSD, Cryptocompare chart

ADAUSD Medium-term Trend: Bullish

Supply zones: $0.180, $0.200, $0.220

Demand zones: $0.130, $0.120, $0.110

Cardano resumes the week in bullish style. The formation of a bullish engulfing candle at the demand zone of $0.1420 attests to this fact. After a brief consolidation at this zone, the bulls came and push the price to $0.1542.The move to further downside was rejected as the bear lost hold of the market. Candles closed above the three exponential moving averages crossover suggest strong uptrend. The 12 exponential moving average acts as a good support for price most times. The moving averages are fanned apart which means that momentum to the upside is strong. Price makes higher high and lower high which are unique feature of an uptrend. Stochastic oscillator is above the 70 percent level, with strong signal strength to the upside. Cardano is likely to retest the supply zone at $0.1766 in the medium term.

 ADAUSD Short-term Trend: Bullish

Cardano, ADAUSD, Cryptocompare chart

Cardano is in a nice uptrend. The formation of double bottom which always result in upward move did exactly the same at the demand zone of $0.1462. More buying pressure was witnessed pushing price up to supply area of $0.15870. Formation of a double top had little effect in price as it makes a nice move back up to the supply area. The price is above the three moving averages cross over, meaning more bull pressure. A break into $0.160 is imminent which may likely see Cardano in the supply zone of $0.170; this was the highest since the beginning of the month.

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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