CARDANO (ADA) Long-term Price Analysis- April 16 Ranging

ADA/USD Long-term Trend –Ranging

• The long-term outlook is in consolidation
• The bears' pressure on price remained strong within the range.

• Supply zone: $0.1200, $0.1400, $0.1600
• Demand zone: $0.0500, $0.03000, $0.01000

ADA is in a range-bound market in its long-term outlook. The strong bullish momentum that started the month was lost on 3rd April. The formation of an inverted hammer returned the bears whose pressure dropped the price to $0.07592 in the demand area on 11th April.

Despite the week starting on a bullish note at $0.08365 on 14th April, the bears' strong pressure was evident with ADA further down to $0.07968 in the demand area as the cryptocurrency consolidates.

ADA chart by TradingView

With the price below the 10-EMA and the stochastic oscillator signal pointing down at 40%, these suggest downward momentum in the price of the cryptocurrency on the long-term within the range.

ADA is ranging and trading between $0.1000 in the upper supply area and at $0.07000 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required 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.

Related Articles